Worksport Ltd. (NASDAQ:WKSP) Sees Significant Drop in Short Interest

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 351,989 shares, a decrease of 63.2% from the June 15th total of 955,350 shares. Approximately 2.7% of the shares of the stock are sold short. Based on an average trading volume of 32,550,667 shares, the days-to-cover ratio is presently 0.0 days.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WKSP. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research report on Wednesday, July 8th. Maxim Group set a $2.00 target price on shares of Worksport and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen upgraded shares of Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.75.

Worksport Trading Down 7.0%

Shares of WKSP stock opened at $0.80 on Tuesday. The stock’s fifty day moving average price is $0.85 and its two-hundred day moving average price is $1.30. The company has a market cap of $11.16 million, a PE ratio of -0.29 and a beta of 0.16. Worksport has a fifty-two week low of $0.57 and a fifty-two week high of $4.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.27 and a current ratio of 1.95.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.31 million for the quarter, compared to analyst estimates of $5.33 million.

Insider Activity

In related news, CEO Steven F. Rossi bought 79,618 shares of Worksport stock in a transaction dated Friday, June 5th. The shares were bought at an average cost of $0.63 per share, with a total value of $50,159.34. Following the acquisition, the chief executive officer owned 2,693,703 shares in the company, valued at $1,697,032.89. This trade represents a 3.05% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 7.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WKSP. State Street Corp bought a new position in shares of Worksport in the fourth quarter worth about $34,000. XTX Topco Ltd acquired a new position in Worksport during the 4th quarter worth approximately $38,000. Centiva Capital LP acquired a new position in Worksport during the 3rd quarter worth approximately $63,000. Geode Capital Management LLC lifted its stake in 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 purchasing an additional 3,338 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in Worksport by 225.2% in the 4th 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 last quarter. Institutional investors and hedge funds 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.