Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large drop in short interest in July. As of July 15th, there was short interest totaling 190,060 shares, a drop of 46.0% from the June 30th total of 351,989 shares. Approximately 1.3% of the shares of the stock are short sold. Based on an average daily volume of 462,763 shares, the days-to-cover ratio is currently 0.4 days.

Insider Activity

In other news, CEO Steven F. Rossi acquired 79,618 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were bought at an average price of $0.63 per share, with a total value of $50,159.34. Following the purchase, the chief executive officer owned 2,693,703 shares of the company’s stock, valued at approximately $1,697,032.89. This 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 this link. Company insiders own 5.84% of the company’s stock.

Hedge Funds Weigh In On Worksport

Several hedge funds have recently bought and sold shares of WKSP. Geode Capital Management LLC boosted its stake in shares of Worksport by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after acquiring an additional 3,338 shares in the last quarter. State Street Corp bought a new position in shares of Worksport in the 4th quarter valued at approximately $34,000. XTX Topco Ltd bought a new position in shares of Worksport in the 2nd quarter valued at approximately $50,000. Centiva Capital LP acquired a new stake in Worksport in the 3rd quarter worth approximately $63,000. Finally, LPL Financial LLC lifted its holdings in Worksport by 225.2% in 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 owned by institutional investors and hedge funds.

Worksport Stock Down 1.1%

WKSP traded down $0.01 during trading on Wednesday, reaching $0.59. 200,003 shares of the stock traded hands, compared to its average volume of 2,684,931. 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 has a fifty-two week low of $0.57 and a fifty-two week high of $4.30. The stock’s 50-day simple moving average is $0.79 and its two-hundred day simple moving average is $1.18. The stock has a market cap of $8.95 million, a price-to-earnings ratio of -0.22 and a beta of 0.16.

Worksport (NASDAQ:WKSP) last issued its quarterly earnings data 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). The business 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%.

Analysts Set New Price Targets

A number of brokerages have weighed in on WKSP. Wall Street Zen raised shares of Worksport from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Finally, Maxim Group set a $2.00 price objective on shares of 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.75.

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.