Worksport Ltd. (NASDAQ:WKSP) Sees Large Decrease in Short Interest

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 190,060 shares, a decrease of 46.0% from the June 30th total of 351,989 shares. Based on an average daily volume of 462,763 shares, the short-interest ratio is currently 0.4 days. Currently, 1.3% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

WKSP has been the topic of several research reports. Maxim Group set a $2.00 target price on Worksport and gave the company a “buy” rating in a research report on Friday, May 15th. Wall Street Zen raised Worksport from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.75.

Insider Buying and Selling at Worksport

In related news, CEO Steven F. Rossi purchased 79,618 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $0.63 per share, with a total value of $50,159.34. Following the purchase, the chief executive officer owned 2,693,703 shares of the company’s stock, valued at $1,697,032.89. This represents a 3.05% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Worksport

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp purchased a new stake in Worksport in the 4th quarter valued at about $34,000. XTX Topco Ltd purchased a new position in shares of Worksport during the 4th quarter worth approximately $38,000. Centiva Capital LP acquired a new stake in Worksport in the 3rd quarter valued at approximately $63,000. Geode Capital Management LLC raised its position 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 lifted its stake in Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares in the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Worksport Stock Performance

Shares of Worksport stock opened at $0.59 on Thursday. The business’s 50 day moving average price is $0.79 and its 200 day moving average price is $1.17. The company has a market cap of $8.95 million, a price-to-earnings ratio of -0.22 and a beta of 0.16. 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 has a one year low of $0.57 and a one year high of $4.30.

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

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.