Worksport (NASDAQ:WKSP) Upgraded at Wall Street Zen
by Scott Moore · The Cerbat GemWall Street Zen upgraded shares of Worksport (NASDAQ:WKSP – Free Report) from a strong sell rating to a sell rating in a research report report published on Saturday morning.
WKSP has been the subject of a number of other research reports. Maxim Group set a $3.00 price objective on Worksport in a report on Friday, February 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Worksport has a consensus rating of “Hold” and an average target price of $7.25.
Check Out Our Latest Analysis on Worksport
Worksport Price Performance
WKSP opened at $1.13 on Friday. The business has a fifty day moving average of $1.20 and a 200 day moving average of $2.01. Worksport has a 52-week low of $0.83 and a 52-week high of $4.90. The company has a quick ratio of 1.08, a current ratio of 2.50 and a debt-to-equity ratio of 0.04. The stock has a market cap of $13.44 million, a P/E ratio of -0.35 and a beta of 0.24.
Worksport (NASDAQ:WKSP – Get Free Report) last posted its quarterly earnings data on Thursday, March 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.17). Worksport had a negative net margin of 120.20% and a negative return on equity of 96.64%. The business had revenue of $4.74 million for the quarter, compared to analysts’ expectations of $8.90 million. As a group, sell-side analysts anticipate that Worksport will post -1.15 EPS for the current year.
Insider Buying and Selling at Worksport
In other news, CEO Steven F. Rossi bought 88,214 shares of the stock in a transaction on Monday, April 13th. The stock was acquired at an average cost of $0.85 per share, for a total transaction of $74,981.90. Following the acquisition, the chief executive officer owned 2,614,085 shares of the company’s stock, valued at $2,221,972.25. This represents a 3.49% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.82% of the company’s stock.
Institutional Investors Weigh In On Worksport
Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd purchased a new stake in shares of Worksport in the 2nd quarter worth $50,000. Armistice Capital LLC purchased a new stake in shares of Worksport in the 4th quarter worth $2,058,000. Steward Partners Investment Advisory LLC increased its holdings in Worksport by 255.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after buying an additional 51,000 shares during the period. Geode Capital Management LLC lifted its stake in shares of Worksport by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock worth $145,000 after purchasing an additional 12,779 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in shares of 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 during the last quarter. 16.11% of the stock is currently owned by hedge funds and other institutional investors.
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.