Worksport (NASDAQ:WKSP) Shares Down 7.8% – Here’s Why

Worksport Ltd. (NASDAQ:WKSP) shares fell 7.8% on Monday . The stock traded as low as $1.6550 and last traded at $1.66. Approximately 125,574 shares changed hands during trading, a decline of 18% from the average daily volume of 152,895 shares. The stock had previously closed at $1.80.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research note on Monday, December 22nd. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Worksport presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Worksport Stock Down 7.8%

The company has a quick ratio of 0.91, a current ratio of 2.04 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $16.28 million, a PE ratio of -0.66 and a beta of 0.35. The business has a 50-day moving average price of $2.27 and a 200-day moving average price of $2.82.

Worksport (NASDAQ:WKSP) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). The company had revenue of $5.01 million for the quarter, compared to analyst estimates of $5.58 million. Worksport had a negative return on equity of 93.38% and a negative net margin of 121.98%. Equities research analysts forecast that Worksport Ltd. will post -0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Worksport

A number of hedge funds have recently modified their holdings of the company. XTX Topco Ltd acquired a new stake in Worksport during the second quarter worth about $50,000. Centiva Capital LP purchased a new stake in shares of Worksport in the 3rd quarter valued at approximately $63,000. Finally, Geode Capital Management LLC increased its holdings in shares of Worksport by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after buying an additional 3,338 shares during the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

About Worksport

Worksport Ltd. is an Israeli-based designer, developer and global supplier of innovative automotive accessories, with a primary focus on pickup truck bed covers. The company’s core offerings include a range of hard and soft tonneau covers under brands such as ROLL, FLEXIT and SOLAR, engineered to provide truck owners with enhanced utility, security and weather protection. Worksport leverages advanced polymer materials and patented folding mechanisms to deliver lightweight, durable solutions that are easy to install and operate.

In recent years, Worksport has expanded its product portfolio to incorporate solar technology, introducing integrated solar tonneau covers capable of generating power for auxiliary truck systems or charging batteries for recreational and off-grid applications.