13 Best Canadian Penny Stocks to Buy Right Now

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5. Westport Fuel Systems Inc. (NASDAQ:WPRT)

Share Price: $1.64

Stock Upside potential: 184.81%

Number of Hedge Fund Holders: 1

Westport Fuel Systems Inc. (NASDAQ:WPRT) is one of the Canadian penny stocks to buy right now. On November 12, H.C. Wainwright reiterated a Buy rating on Westport Fuel Systems Inc. (NASDAQ:WPRT) and set a $7 price target. The analyst remains optimistic about the company’s prospects, owing to its strategic positioning and growth potential.

While the company is in transition following the divestment of the Light Duty business, the increased focus on the joint venture with Volvo and Cespira is expected to trigger market expansion and free cash flow growth. Additionally, the analyst has touted the company’s balance sheet, which is expected to support investments in HPDI technology.

The company is also well-positioned financially to explore alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems. Additionally, the application of the company’s technology in larger generators and engines for data centers or stationary power generation will pave the way for the company to tap into a substantial market.

Westport Fuel Systems Inc. (NASDAQ:WPRT) designs, manufactures, and supplies advanced fuel systems and components for alternative fuels like natural gas, renewable natural gas, propane, and hydrogen. The company provides these technologies to the global automotive and transportation industries to help create cleaner, more fuel-efficient vehicles and lower emissions.

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