Wall Street Zen Downgrades Worksport (NASDAQ:WKSP) to Sell

Worksport (NASDAQ:WKSP) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently commented on WKSP. Maxim Group set a $2.00 price objective on shares of Worksport and gave the company a “buy” rating in a report on Friday, May 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $6.75.

Worksport Stock Performance

NASDAQ:WKSP opened at $0.56 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.79 and a quick ratio of 0.72. The business has a fifty day simple moving average of $0.71 and a two-hundred day simple moving average of $0.92. Worksport has a 1 year low of $0.47 and a 1 year high of $3.90. The company has a market capitalization of $8.57 million, a P/E ratio of -0.24 and a beta of 0.27.

Worksport (NASDAQ:WKSP) last issued its earnings results on Tuesday, August 11th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.11. Worksport had a negative return on equity of 102.57% and a negative net margin of 114.49%.The firm had revenue of $5.23 million for the quarter, compared to analyst estimates of $4.50 million.

Hedge Funds Weigh In On Worksport

Hedge funds have recently bought and sold shares of the company. Armistice Capital LLC purchased a new stake in Worksport in the 4th quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC boosted its holdings in Worksport by 255.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after purchasing an additional 51,000 shares during the period. LPL Financial LLC grew its position in shares of Worksport by 225.2% during 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 in the last quarter. Centiva Capital LP purchased a new position in shares of Worksport during the 3rd quarter valued at $63,000. Finally, XTX Topco Ltd bought a new position in shares of Worksport in the fourth quarter worth $38,000. Hedge funds and other institutional investors 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.