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

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totaling 351,989 shares, a decline of 63.2% from the June 15th total of 955,350 shares. Currently, 2.7% of the company’s shares are sold short. Based on an average daily volume of 32,550,667 shares, the short-interest ratio is currently 0.0 days.

Insider Activity at Worksport

In other news, CEO Steven F. Rossi acquired 79,618 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $0.63 per share, for a total transaction of $50,159.34. Following the completion of the transaction, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 worth $94,000 after acquiring an additional 3,338 shares during the period. State Street Corp purchased a new stake in shares of Worksport during the 4th quarter worth approximately $34,000. XTX Topco Ltd purchased a new stake in shares of Worksport during the 2nd quarter worth approximately $50,000. Centiva Capital LP purchased a new position in Worksport in the third quarter valued at approximately $63,000. Finally, LPL Financial LLC grew its holdings in Worksport by 225.2% during 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 currently owned by hedge funds and other institutional investors.

Worksport Stock Performance

Shares of Worksport stock opened at $0.86 on Monday. The stock has a market capitalization of $12.00 million, a PE ratio of -0.31 and a beta of 0.16. Worksport has a 52 week low of $0.57 and a 52 week high of $4.70. The stock has a 50 day moving average price of $0.86 and a two-hundred day moving average price of $1.32. 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 issued its earnings results on Wednesday, May 13th. The company reported ($0.54) earnings per share (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 firm had revenue of $3.31 million during the quarter, compared to the consensus estimate of $5.33 million.

Analysts Set New Price Targets

A number of analysts have commented on WKSP shares. Maxim Group set a $2.00 price target on shares of 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 restated a “sell (e+)” rating on shares of Worksport in a report on Wednesday. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target 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.