Worksport Ltd. (NASDAQ:WKSP) Sees Significant Drop in Short Interest

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 351,989 shares, a decrease of 63.2% from the June 15th total of 955,350 shares. Approximately 2.7% of the shares of the stock are sold short. Based on an average trading volume of 32,550,667 shares, the days-to-cover ratio is presently 0.0 days.

Insider Activity

In related news, CEO Steven F. Rossi purchased 79,618 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $0.63 per share, with a total value of $50,159.34. Following the completion of the purchase, the chief executive officer directly owned 2,693,703 shares in the company, valued at $1,697,032.89. This trade represents a 3.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.82% of the company’s stock.

Hedge Funds Weigh In On Worksport

Large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of Worksport by 11.2% in the second 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 during the last quarter. XTX Topco Ltd acquired a new position in Worksport during the 2nd quarter worth about $50,000. Centiva Capital LP bought a new stake in shares of Worksport in the 3rd quarter valued at about $63,000. LPL Financial LLC grew its position 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 last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Worksport by 255.0% in 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. Institutional investors own 16.11% of the company’s stock.

Worksport Price Performance

WKSP stock opened at $0.86 on Monday. The firm has a 50-day moving average price of $0.86 and a 200-day moving average price of $1.32. Worksport has a 12 month low of $0.57 and a 12 month high of $4.70. 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 stock has a market capitalization of $12.00 million, a P/E ratio of -0.31 and a beta of 0.16.

Worksport (NASDAQ:WKSP) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.03). The company had revenue of $3.31 million for the quarter, compared to the consensus estimate of $5.33 million. Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on WKSP shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a report on Wednesday. Wall Street Zen upgraded shares of Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Maxim Group set a $2.00 price objective on shares of Worksport and gave the company a “buy” rating in a research note on Friday, May 15th. Two research 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, the company currently has a consensus rating of “Hold” and an average price target 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.