Worksport (NASDAQ:WKSP) Trading 11.6% Higher – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on WKSP shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research report on Friday, April 10th. Maxim Group set a $2.00 price target on Worksport and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Wall Street Zen cut 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 given a Sell rating to the company. According to data from MarketBeat, Worksport presently has an average rating of “Hold” and an average target price of $6.75.

Worksport Price Performance

The company has a current ratio of 1.95, a quick ratio of 0.27 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $0.94 and a two-hundred day moving average price of $1.60. The firm has a market capitalization of $8.78 million, a price-to-earnings ratio of -0.26 and a beta of 0.27.

Worksport (NASDAQ:WKSP) last posted its earnings results on Wednesday, May 13th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $5.33 million. As a group, research analysts forecast that Worksport Ltd. will post -1.15 EPS for the current year.

Insider Buying and Selling

In other Worksport news, CEO Steven F. Rossi bought 88,214 shares of the stock in a transaction that occurred on Monday, April 13th. The shares were purchased at an average cost of $0.85 per share, for a total transaction of $74,981.90. Following the transaction, the chief executive officer directly owned 2,614,085 shares in the company, valued at $2,221,972.25. The trade was a 3.49% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Worksport

Several large investors have recently added to or reduced their stakes in the business. XTX Topco Ltd acquired a new stake in Worksport in the 4th quarter valued at approximately $38,000. Armistice Capital LLC acquired a new stake in Worksport in the 4th quarter valued at approximately $2,058,000. State Street Corp acquired a new stake in Worksport in the 4th quarter valued at approximately $34,000. Steward Partners Investment Advisory LLC boosted its stake in Worksport by 255.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after purchasing an additional 51,000 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in 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 purchasing an additional 37,440 shares in the last quarter. 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.