Worksport (NASDAQ:WKSP) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Worksport (NASDAQ:WKSP) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

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

Worksport Price Performance

Shares of NASDAQ WKSP opened at $0.56 on Friday. The stock has a market capitalization of $8.57 million, a price-to-earnings ratio of -0.24 and a beta of 0.27. The business has a 50-day moving average of $0.70 and a 200-day moving average of $0.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.79 and a quick ratio of 0.72. Worksport has a fifty-two week low of $0.47 and a fifty-two week high of $3.90.

Worksport (NASDAQ:WKSP) last released its earnings results on Tuesday, August 11th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $5.23 million for the quarter, compared to the consensus estimate of $4.50 million.

Institutional Investors Weigh In On Worksport

A number of institutional investors and hedge funds have recently modified their holdings of WKSP. Armistice Capital LLC acquired a new position in Worksport during the fourth quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC lifted its position in shares of Worksport by 255.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after buying an additional 51,000 shares during the last quarter. LPL Financial LLC lifted its position in shares of 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 buying an additional 37,440 shares during the last quarter. Centiva Capital LP bought a new position in shares of Worksport during the 3rd quarter worth approximately $63,000. Finally, XTX Topco Ltd bought a new position in shares of Worksport during the 4th quarter worth approximately $38,000. 16.11% of the stock is owned by 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.