Worksport (NASDAQ:WKSP) Stock Price Down 4.4% – Here’s Why

Worksport Ltd. (NASDAQ:WKSP)’s share price was down 4.4% during trading on Tuesday . The company traded as low as $0.82 and last traded at $0.8714. 578,257 shares traded hands during trading, a decline of 97% from the average daily volume of 16,819,036 shares. The stock had previously closed at $0.9118.

Wall Street Analysts Forecast Growth

WKSP has been the topic of a number of recent research reports. Maxim Group set a $2.00 target price on shares of Worksport and gave the company a “buy” rating in a report on Friday, May 15th. Wall Street Zen raised shares of Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research note on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.75.

Worksport Stock Performance

The firm has a market cap of $12.23 million, a PE ratio of -0.32 and a beta of 0.16. The stock has a 50-day moving average price of $0.87 and a 200 day moving average price of $1.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 0.27.

Worksport (NASDAQ:WKSP) last released its earnings results 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). Worksport had a negative return on equity of 103.67% and a negative net margin of 120.65%.The business had revenue of $3.31 million for the quarter, compared to analysts’ expectations of $5.33 million.

Insider Activity

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

Hedge Funds Weigh In On Worksport

Large investors have recently bought and sold shares of the stock. State Street Corp purchased a new stake in shares of Worksport during the 4th quarter valued at $34,000. XTX Topco Ltd purchased a new position in shares of Worksport in the 2nd quarter worth $50,000. Centiva Capital LP acquired a new position in Worksport in the third quarter valued at $63,000. Geode Capital Management LLC boosted its holdings in Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after acquiring an additional 3,338 shares during the last quarter. Finally, LPL Financial LLC grew its position in Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock valued at $115,000 after acquiring an additional 37,440 shares during the period. Hedge funds and other institutional investors own 16.11% of the company’s stock.

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.