Worksport (NASDAQ:WKSP) Announces Quarterly Earnings Results

Worksport (NASDAQ:WKSP) posted its earnings results on Tuesday. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.11, Zacks reports. Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%.

Worksport Stock Up 4.6%

Worksport stock traded up $0.03 during mid-day trading on Tuesday, hitting $0.72. 310,642 shares of the company’s stock were exchanged, compared to its average volume of 2,541,362. Worksport has a 1-year low of $0.57 and a 1-year high of $4.30. The stock has a 50 day moving average of $0.76 and a two-hundred day moving average of $1.08. 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 cap of $11.08 million, a P/E ratio of -0.27 and a beta of 0.22.

Insider Buying and Selling at Worksport

In related news, CEO Steven F. Rossi bought 79,618 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $0.63 per share, for a total transaction of $50,159.34. Following the transaction, the chief executive officer directly owned 2,693,703 shares of the company’s stock, valued at $1,697,032.89. This represents a 3.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 5.84% of the company’s stock.

Hedge Funds Weigh In On Worksport

Institutional investors have recently modified their holdings of the business. State Street Corp bought a new position in shares of Worksport during the 4th quarter worth approximately $34,000. XTX Topco Ltd bought a new stake in shares of Worksport in the fourth quarter worth $38,000. Centiva Capital LP acquired a new stake in Worksport in the third quarter valued at $63,000. Geode Capital Management LLC increased 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 purchasing an additional 3,338 shares during the period. Finally, LPL Financial LLC lifted its position in 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 acquiring an additional 37,440 shares in the last quarter. Institutional investors own 16.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a report on Wednesday, July 8th. 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. Finally, Wall Street Zen raised shares of Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target 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.