Worksport (NASDAQ:WKSP) Shares Down 3.4% – What’s Next?

Shares of Worksport Ltd. (NASDAQ:WKSP) dropped 3.4% on Monday . The stock traded as low as $2.21 and last traded at $2.26. Approximately 95,013 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 261,613 shares. The stock had previously closed at $2.34.

Analysts Set New Price Targets

WKSP has been the topic of a number of recent research reports. Wall Street Zen lowered Worksport from a “hold” rating to a “sell” rating in a research report on Saturday, September 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research note on Monday, December 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $11.50 price objective on shares of Worksport in a research report on Monday, September 29th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Worksport Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.91 and a current ratio of 2.04. The company has a 50-day moving average price of $2.63 and a 200-day moving average price of $3.12. The firm has a market capitalization of $18.65 million, a P/E ratio of -0.90 and a beta of 0.31.

Worksport (NASDAQ:WKSP) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). Worksport had a negative net margin of 121.98% and a negative return on equity of 93.38%. The company had revenue of $5.01 million during the quarter, compared to the consensus estimate of $5.58 million. On average, sell-side analysts predict that Worksport Ltd. will post -0.6 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WKSP. Centiva Capital LP acquired a new position in Worksport during the third quarter valued at approximately $63,000. XTX Topco Ltd bought a new position in shares of Worksport during the second quarter worth $50,000. Geode Capital Management LLC grew its holdings 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 buying an additional 3,338 shares during the period. Finally, Armistice Capital LLC bought a new stake in shares of Worksport in the 1st quarter valued at $1,150,000. 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.