Worksport Ltd. (NASDAQ:WKSP) Short Interest Down 63.2% in June

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

Insider Buying and Selling

In other Worksport news, CEO Steven F. Rossi purchased 79,618 shares of the company’s stock in a transaction 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 completion of the purchase, the chief executive officer directly owned 2,693,703 shares in the company, valued at approximately $1,697,032.89. The trade was a 3.05% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position 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. XTX Topco Ltd acquired a new stake in Worksport during the second quarter worth approximately $50,000. Centiva Capital LP acquired a new stake in Worksport during the third quarter worth approximately $63,000. LPL Financial LLC lifted its position in shares of Worksport by 225.2% during the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after buying an additional 37,440 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Worksport by 255.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock worth $151,000 after buying an additional 51,000 shares during the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Worksport Stock Down 1.3%

Shares of NASDAQ:WKSP traded down $0.01 during trading hours on Wednesday, reaching $0.81. The stock had a trading volume of 63,485 shares, compared to its average volume of 2,853,438. Worksport has a 1 year low of $0.57 and a 1 year high of $4.46. The firm’s 50 day moving average is $0.84 and its 200-day moving average is $1.29. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.27 and a current ratio of 1.95. The stock has a market capitalization of $12.38 million, a price-to-earnings ratio of -0.30 and a beta of 0.16.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WKSP shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a report on Wednesday, July 8th. Maxim Group set a $2.00 price target on Worksport and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen raised Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Worksport presently has an average rating of “Hold” and a consensus 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.