Steven Rossi Buys 79,618 Shares of Worksport (NASDAQ:WKSP) Stock

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi bought 79,618 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $0.63 per share, with a total value of $50,159.34. Following the completion of the purchase, the chief executive officer owned 2,693,703 shares in the company, valued at approximately $1,697,032.89. This trade represents a 3.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Worksport Stock Performance

WKSP opened at $0.63 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 0.27. The firm has a fifty day moving average price of $0.93 and a 200 day moving average price of $1.58. Worksport Ltd. has a 1 year low of $0.61 and a 1 year high of $4.90. The stock has a market cap of $7.93 million, a P/E ratio of -0.23 and a beta of 0.27.

Worksport (NASDAQ:WKSP) last posted its earnings results on Wednesday, May 13th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.03). The firm had revenue of $3.31 million during the quarter, compared to analyst estimates of $5.33 million. Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%. Equities research analysts anticipate that Worksport Ltd. will post -1.15 earnings per share for the current year.

Institutional Investors Weigh In On Worksport

A number of large investors have recently modified their holdings of WKSP. State Street Corp purchased a new stake in shares of Worksport during the fourth quarter worth $34,000. XTX Topco Ltd purchased a new stake in shares of Worksport during the fourth quarter worth $38,000. Centiva Capital LP purchased a new stake in shares of Worksport during the third quarter worth $63,000. Geode Capital Management LLC grew its holdings in shares of Worksport by 11.2% during the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after buying an additional 3,338 shares in the last quarter. Finally, LPL Financial LLC grew its holdings in shares of 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 buying an additional 37,440 shares in the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Worksport from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Maxim Group set a $2.00 price target on shares of Worksport and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus 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.