Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 665,333 shares, an increase of 20.8% from the March 15th total of 550,591 shares. Based on an average daily volume of 487,820 shares, the short-interest ratio is presently 1.4 days. Currently, 6.1% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WKSP. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research report on Friday, April 10th. Maxim Group set a $3.00 price objective on Worksport in a research report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.25.

Insider Transactions at Worksport

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 acquired at an average cost of $0.85 per share, for a total transaction of $74,981.90. Following the completion of the transaction, the chief executive officer directly owned 2,614,085 shares in the company, valued at approximately $2,221,972.25. This trade represents a 3.49% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Worksport

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp purchased a new stake in shares of Worksport in the fourth quarter worth approximately $34,000. XTX Topco Ltd purchased a new stake in shares of Worksport in the second quarter worth approximately $50,000. Centiva Capital LP purchased a new stake in shares of Worksport in the third quarter worth approximately $63,000. Geode Capital Management LLC raised its holdings in shares of Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after buying an additional 3,338 shares during the period. Finally, LPL Financial LLC grew its stake in Worksport by 225.2% in the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares in the last quarter. 16.11% of the stock is currently owned by hedge funds and other institutional investors.

Worksport Trading Up 7.0%

Shares of NASDAQ WKSP opened at $1.07 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.08 and a current ratio of 2.50. The business’s 50 day moving average price is $1.26 and its 200-day moving average price is $2.13. Worksport has a fifty-two week low of $0.83 and a fifty-two week high of $4.90. The company has a market cap of $12.72 million, a price-to-earnings ratio of -0.33 and a beta of 0.24.

Worksport (NASDAQ:WKSP) last issued its quarterly earnings results on Thursday, March 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $4.74 million during the quarter, compared to analysts’ expectations of $8.90 million. On average, sell-side analysts expect that Worksport will post -0.6 earnings per share for the current year.

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.