Steven Rossi Purchases 88,214 Shares of Worksport (NASDAQ:WKSP) Stock

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi acquired 88,214 shares of the stock in a transaction on Monday, April 13th. The stock was bought at an average price of $0.85 per share, for a total transaction of $74,981.90. Following the transaction, the chief executive officer owned 2,614,085 shares in the company, valued at approximately $2,221,972.25. This represents a 3.49% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Worksport Trading Up 6.3%

Worksport stock opened at $0.99 on Wednesday. The company has a current ratio of 2.50, a quick ratio of 1.08 and a debt-to-equity ratio of 0.04. Worksport Ltd. has a 12 month low of $0.83 and a 12 month high of $4.90. The stock’s 50 day simple moving average is $1.30 and its two-hundred day simple moving average is $2.16. The firm has a market cap of $11.82 million, a PE ratio of -0.31 and a beta of 0.24.

Worksport (NASDAQ:WKSP) last released its quarterly earnings data on Thursday, March 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.17). Worksport had a negative return on equity of 96.64% and a negative net margin of 120.20%.The company had revenue of $4.74 million during the quarter, compared to analysts’ expectations of $8.90 million. Analysts anticipate that Worksport Ltd. will post -0.6 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position 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 valued at $94,000 after buying an additional 3,338 shares in the last quarter. State Street Corp purchased a new position in shares of Worksport during the 4th quarter valued at approximately $34,000. XTX Topco Ltd purchased a new position in shares of Worksport during the 2nd quarter valued at approximately $50,000. Centiva Capital LP purchased a new position in shares of Worksport during the 3rd quarter valued at approximately $63,000. Finally, LPL Financial LLC lifted its position in shares of Worksport by 225.2% during the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock valued at $115,000 after buying an additional 37,440 shares in the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on WKSP shares. Maxim Group set a $3.00 price objective on Worksport in a research report on Friday, February 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research report on Friday. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.25.

Worksport Company Profile

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.