Worksport (NASDAQ:WKSP) Trading Up 11.6% – Here’s What Happened

Worksport Ltd. (NASDAQ:WKSP)’s stock price rose 11.6% during mid-day trading on Monday . The company traded as high as $0.7494 and last traded at $0.7010. Approximately 464,636 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 578,385 shares. The stock had previously closed at $0.6280.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on WKSP shares. Maxim Group set a $2.00 price objective on shares of Worksport and gave the stock a “buy” rating in a research report on Friday, May 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research note on Friday, April 10th. Finally, Wall Street Zen downgraded Worksport from a “sell” rating to a “strong sell” rating in a research report 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.75.

Worksport Trading Down 0.6%

The firm has a 50-day moving average price of $0.93 and a 200-day moving average price of $1.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.27 and a current ratio of 1.95. The stock has a market cap of $7.93 million, a PE ratio of -0.23 and a beta of 0.27.

Worksport (NASDAQ:WKSP) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.03). The business had revenue of $3.31 million during the quarter, compared to the consensus estimate of $5.33 million. Worksport had a negative return on equity of 103.67% and a negative net margin of 120.65%. As a group, equities analysts anticipate that Worksport Ltd. will post -1.15 EPS for the current fiscal year.

Insider Transactions at Worksport

In other news, CEO Steven F. Rossi bought 79,618 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $0.63 per share, with a total value of $50,159.34. Following the transaction, the chief executive officer directly owned 2,693,703 shares in the company, valued at approximately $1,697,032.89. This trade represents a 3.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Worksport

Large investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC purchased a new stake in Worksport in the 4th quarter valued at $2,058,000. Steward Partners Investment Advisory LLC increased its position in shares of Worksport by 255.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock worth $151,000 after purchasing an additional 51,000 shares in the last quarter. Geode Capital Management LLC increased its stake in Worksport by 23.1% in the fourth quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock valued at $145,000 after purchasing an additional 12,779 shares during the period. LPL Financial LLC raised its stake in shares of Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares during the last quarter. Finally, Centiva Capital LP purchased a new position in shares of Worksport during the 3rd quarter worth approximately $63,000. 16.11% of the stock is currently owned by institutional investors and hedge funds.

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.