Worksport (NASDAQ:WKSP) Trading Down 7.8% – What’s Next?

Worksport Ltd. (NASDAQ:WKSP) shares traded down 7.8% during trading on Monday . The company traded as low as $1.6550 and last traded at $1.66. 125,574 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 152,895 shares. The stock had previously closed at $1.80.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research report on Monday, December 22nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Worksport presently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

Worksport Stock 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 firm has a market capitalization of $16.28 million, a PE ratio of -0.66 and a beta of 0.35. The firm’s 50 day moving average price is $2.27 and its 200-day moving average price is $2.82.

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

Institutional Investors Weigh In On Worksport

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Worksport by 11.2% in the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after acquiring an additional 3,338 shares in the last quarter. XTX Topco Ltd purchased a new position in Worksport during the second quarter valued at $50,000. Finally, Centiva Capital LP acquired a new stake in shares of Worksport in the third quarter valued at about $63,000. Institutional investors and hedge funds own 16.11% of the company’s stock.

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.