Steven Rossi Purchases 79,618 Shares of Worksport (NASDAQ:WKSP) Stock

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi bought 79,618 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was purchased at an average price of $0.63 per share, for a total transaction of $50,159.34. Following the transaction, the chief executive officer owned 2,693,703 shares of the company’s stock, valued at approximately $1,697,032.89. This represents a 3.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Worksport Trading Up 0.1%

Worksport stock traded up $0.00 during trading on Tuesday, reaching $0.70. 203,564 shares of the company were exchanged, compared to its average volume of 379,113. Worksport Ltd. has a 52-week low of $0.61 and a 52-week high of $4.90. The company has a market capitalization of $8.80 million, a P/E ratio of -0.26 and a beta of 0.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 0.27. The stock’s 50 day simple moving average is $0.94 and its two-hundred day simple moving average is $1.60.

Worksport (NASDAQ:WKSP) last posted its earnings results on Wednesday, May 13th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.03). Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%. The business had revenue of $3.31 million during the quarter, compared to analysts’ expectations of $5.33 million. On average, equities research analysts expect that Worksport Ltd. will post -1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Worksport

A number of institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in 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 purchasing an additional 3,338 shares in the last quarter. State Street Corp acquired a new position in Worksport during the 4th quarter worth $34,000. XTX Topco Ltd acquired a new position in Worksport during the 2nd quarter worth $50,000. Centiva Capital LP acquired a new position in Worksport during the 3rd quarter worth $63,000. Finally, LPL Financial LLC grew its stake in Worksport by 225.2% during the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares in the last quarter. 16.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research note on Friday, April 10th. Maxim Group set a $2.00 price objective on Worksport and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Wall Street Zen cut Worksport from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.75.

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.