Worksport (NASDAQ:WKSP) Shares Down 4.4% – Should You Sell?

Worksport Ltd. (NASDAQ:WKSP)’s share price dropped 4.4% during trading on Tuesday . The stock traded as low as $0.82 and last traded at $0.8714. 578,257 shares were traded during mid-day trading, a decline of 97% from the average session volume of 16,819,036 shares. The stock had previously closed at $0.9118.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WKSP. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Wall Street Zen upgraded shares of Worksport from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Maxim Group set a $2.00 target price on shares of Worksport and gave the stock a “buy” rating in a report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Worksport currently has an average rating of “Hold” and an average price target of $6.75.

Worksport Trading Down 4.0%

The company has a quick ratio of 0.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a market cap of $12.15 million, a price-to-earnings ratio of -0.32 and a beta of 0.16. The firm has a 50 day moving average price of $0.86 and a two-hundred day moving average price of $1.33.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.54) earnings per share 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 business had revenue of $3.31 million during the quarter, compared to the consensus estimate of $5.33 million.

Insider Buying and Selling at Worksport

In related news, CEO Steven F. Rossi bought 79,618 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were bought at an average price of $0.63 per share, for a total transaction of $50,159.34. Following the completion of the acquisition, the chief executive officer directly owned 2,693,703 shares of the company’s stock, valued at $1,697,032.89. This trade represents a 3.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Armistice Capital LLC bought a new position in Worksport in the 4th quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC increased its holdings in Worksport by 255.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock worth $151,000 after acquiring an additional 51,000 shares during the period. Geode Capital Management LLC increased its holdings in Worksport by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock worth $145,000 after acquiring an additional 12,779 shares during the period. 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 worth $115,000 after purchasing an additional 37,440 shares in the last quarter. Finally, Centiva Capital LP purchased a new stake in Worksport in the 3rd quarter worth approximately $63,000. Hedge funds and other institutional investors 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.