Worksport (NASDAQ:WKSP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Worksport (NASDAQ:WKSP) from a sell rating to a hold rating in a report published on Saturday morning.

Several other equities analysts have also recently weighed in on the company. Maxim Group set a $2.00 price target on Worksport and gave the company a “buy” rating in a research report on Friday, May 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Worksport has a consensus rating of “Hold” and a consensus target price of $6.75.

Worksport Stock Down 5.4%

WKSP opened at $0.66 on Friday. The company has a 50 day moving average of $0.76 and a 200 day moving average of $1.03. The company has a market cap of $10.10 million, a PE ratio of -0.28 and a beta of 0.22. Worksport has a 12 month low of $0.57 and a 12 month high of $4.30. The company has a current ratio of 3.79, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26.

Worksport (NASDAQ:WKSP) last issued its earnings results on Tuesday, August 11th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.11. The business had revenue of $5.23 million for the quarter, compared to analysts’ expectations of $4.50 million. Worksport had a negative net margin of 114.49% and a negative return on equity of 102.57%.

Insider Transactions at Worksport

In other news, CEO Steven F. Rossi purchased 79,618 shares of the company’s stock in a transaction on Friday, June 5th. The stock was purchased 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 approximately $1,697,032.89. This trade represents a 3.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Worksport

Institutional investors have recently modified their holdings of the company. State Street Corp purchased a new position in shares of Worksport during the 4th quarter valued at about $34,000. XTX Topco Ltd purchased a new stake in Worksport in the fourth quarter worth approximately $38,000. Centiva Capital LP bought a new position in Worksport during the third quarter valued at approximately $63,000. Geode Capital Management LLC raised its stake in shares of Worksport by 11.2% during the second 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. Finally, LPL Financial LLC raised its stake in shares of Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after acquiring an additional 37,440 shares in the last quarter. 16.11% of the stock is currently 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.