Worksport (NASDAQ:WKSP) Raised to “Sell” at Wall Street Zen

Worksport (NASDAQ:WKSP) was upgraded by research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report issued on Saturday.

Other research analysts have also issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research report on Friday, April 10th. Maxim Group set a $2.00 target price on Worksport and gave the stock a “buy” rating in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.75.

Worksport Stock Down 4.9%

Shares of WKSP opened at $0.63 on Friday. Worksport has a 52 week low of $0.61 and a 52 week high of $4.90. The stock has a market capitalization of $7.84 million, a price-to-earnings ratio of -0.23 and a beta of 0.27. 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 fifty day moving average of $0.91 and a 200-day moving average of $1.56.

Worksport (NASDAQ:WKSP) last announced its quarterly 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 firm had revenue of $3.31 million during the quarter, compared to the consensus estimate of $5.33 million. As a group, sell-side analysts anticipate that Worksport will post -1.15 earnings per share for the current fiscal year.

Insider Transactions at Worksport

In related news, CEO Steven F. Rossi bought 88,214 shares of the stock in a transaction that occurred on Monday, April 13th. The stock was acquired at an average cost of $0.85 per share, with a total value of $74,981.90. Following the transaction, the chief executive officer directly owned 2,614,085 shares in the company, valued at approximately $2,221,972.25. This trade represents a 3.49% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of Worksport by 11.2% in 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 during the period. State Street Corp acquired a new stake in shares of Worksport in the 4th quarter valued at about $34,000. XTX Topco Ltd acquired a new stake in shares of Worksport in the 2nd quarter valued at about $50,000. Centiva Capital LP acquired a new stake in shares of Worksport in the 3rd quarter valued at about $63,000. Finally, LPL Financial LLC grew its stake in shares of Worksport by 225.2% in 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 during the period. 16.11% of the stock is owned by 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.