Worksport (NASDAQ:WKSP) CEO Steven Rossi Acquires 88,214 Shares

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi bought 88,214 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were purchased at an average price of $0.85 per share, for a total transaction of $74,981.90. Following the purchase, the chief executive officer owned 2,614,085 shares in the company, valued at $2,221,972.25. This trade represents a 3.49% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.

Worksport Price Performance

NASDAQ WKSP opened at $0.99 on Wednesday. Worksport Ltd. has a 12 month low of $0.83 and a 12 month high of $4.90. The stock has a market cap of $11.82 million, a price-to-earnings ratio of -0.31 and a beta of 0.24. The company’s 50 day moving average is $1.30 and its two-hundred day moving average is $2.16. The company has a current ratio of 2.50, a quick ratio of 1.08 and a debt-to-equity ratio of 0.04.

Worksport (NASDAQ:WKSP) last released its earnings results on Thursday, March 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.17). Worksport had a negative return on equity of 96.64% and a negative net margin of 120.20%.The firm had revenue of $4.74 million for the quarter, compared to the consensus estimate of $8.90 million. As a group, research analysts anticipate that Worksport Ltd. will post -0.6 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on WKSP. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research report on Friday. Maxim Group set a $3.00 price objective on shares of Worksport in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Worksport currently has an average rating of “Hold” and a consensus price target of $7.25.

Institutional Investors Weigh In On Worksport

Several institutional investors and hedge funds have recently modified their holdings of WKSP. Geode Capital Management LLC raised its position 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 valued at $94,000 after buying an additional 3,338 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Worksport during the second quarter valued at approximately $50,000. Centiva Capital LP bought a new stake in shares of Worksport during the third quarter valued at approximately $63,000. LPL Financial LLC raised its position in shares of 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 buying an additional 37,440 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Worksport by 255.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after buying an additional 51,000 shares during the last quarter. 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.