Steven Rossi Acquires 79,618 Shares of Worksport (NASDAQ:WKSP) Stock

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi acquired 79,618 shares of Worksport stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $0.63 per share, with a total value of $50,159.34. Following the completion of the acquisition, the chief executive officer directly owned 2,693,703 shares in the company, valued at $1,697,032.89. This represents a 3.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Worksport Stock Performance

NASDAQ WKSP traded up $0.00 during trading hours on Tuesday, hitting $0.70. The company’s stock had a trading volume of 203,564 shares, compared to its average volume of 379,113. Worksport Ltd. has a 12 month low of $0.61 and a 12 month high of $4.90. The company’s 50 day simple moving average is $0.94 and its two-hundred day simple moving average is $1.60. The company has a market cap of $8.80 million, a P/E ratio of -0.26 and a beta of 0.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 0.27.

Worksport (NASDAQ:WKSP) last announced its earnings results on Wednesday, May 13th. The company reported ($0.54) earnings per share (EPS) 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 analysts’ expectations of $5.33 million. As a group, sell-side analysts expect that Worksport Ltd. will post -1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. State Street Corp bought a new position in shares of Worksport in the 4th quarter worth $34,000. XTX Topco Ltd acquired a new position in shares of Worksport in the fourth quarter valued at about $38,000. Centiva Capital LP acquired a new stake in Worksport in the third quarter valued at approximately $63,000. Geode Capital Management LLC grew 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 grew 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 owned by institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on WKSP shares. Maxim Group set a $2.00 price objective on Worksport and gave the stock a “buy” rating in a research note on Friday, May 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research note on Friday, April 10th. Finally, Wall Street Zen downgraded Worksport from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Worksport has a consensus rating of “Hold” and a consensus target price of $6.75.

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.