Worksport (NASDAQ:WKSP) Downgraded to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Worksport (NASDAQ:WKSP) from a sell rating to a strong sell rating in a research note released on Saturday morning.

Several other equities research analysts have also weighed in on the stock. Maxim Group set a $2.00 target price on shares of Worksport and gave the stock a “buy” rating in a report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.75.

Worksport Stock Down 3.9%

WKSP opened at $0.79 on Friday. The firm’s 50-day simple moving average is $1.10 and its 200-day simple moving average is $1.82. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.08 and a current ratio of 1.95. Worksport has a twelve month low of $0.76 and a twelve month high of $4.90. The firm has a market cap of $9.87 million, a price-to-earnings ratio of -0.29 and a beta of 0.35.

Worksport (NASDAQ:WKSP) last posted its earnings results 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). Worksport had a negative return on equity of 103.67% and a negative net margin of 120.65%.The firm had revenue of $3.31 million during the quarter, compared to the consensus estimate of $5.33 million. Equities research analysts anticipate that Worksport will post -1.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steven F. Rossi acquired 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, with a total value of $74,981.90. Following the acquisition, the chief executive officer directly owned 2,614,085 shares in the company, valued at $2,221,972.25. The trade was a 3.49% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 7.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Worksport

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp bought a new stake in Worksport during the 4th quarter worth about $34,000. XTX Topco Ltd bought a new stake in Worksport during the 4th quarter worth about $38,000. Centiva Capital LP acquired a new position in Worksport during the 3rd quarter valued at about $63,000. Geode Capital Management LLC boosted its stake in shares of Worksport by 11.2% in the 2nd 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 last quarter. Finally, LPL Financial LLC boosted its stake in shares of 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 purchasing an additional 37,440 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.