Worksport (NASDAQ:WKSP) Upgraded at Wall Street Zen

Worksport (NASDAQ:WKSP) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

Several other research firms have also recently commented on WKSP. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Maxim Group set a $3.00 price target on Worksport in a report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $7.25.

Worksport Stock Performance

NASDAQ WKSP opened at $1.10 on Friday. The company has a market cap of $13.08 million, a PE ratio of -0.34 and a beta of 0.24. The stock’s 50 day simple moving average is $1.21 and its 200-day simple moving average is $2.05. Worksport has a 1-year low of $0.83 and a 1-year high of $4.90. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.50 and a quick ratio of 1.08.

Worksport (NASDAQ:WKSP) last released its 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). The firm had revenue of $4.74 million during the quarter, compared to analysts’ expectations of $8.90 million. Worksport had a negative net margin of 120.20% and a negative return on equity of 96.64%. As a group, equities research analysts anticipate that Worksport will post -1.15 EPS for the current fiscal year.

Insider Activity at Worksport

In other news, CEO Steven F. Rossi purchased 88,214 shares of the stock in a transaction dated Monday, April 13th. The stock was 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 represents a 3.49% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 7.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp purchased a new position in shares of Worksport during the fourth quarter worth $34,000. XTX Topco Ltd purchased a new position in shares of Worksport during the fourth quarter worth $38,000. Centiva Capital LP purchased a new position in shares of Worksport during the third quarter worth $63,000. Geode Capital Management LLC boosted its holdings in Worksport by 11.2% in the second 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 period. Finally, LPL Financial LLC boosted its holdings in Worksport by 225.2% in the fourth 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 period. 16.11% of the stock is currently owned by hedge funds and other institutional investors.

About Worksport

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.