Key Points
- Worksport CEO Steven Rossi bought 88,214 shares on April 13 at an average price of $0.85 for about $74,982, raising his direct stake to 2,614,085 shares (a 3.49% increase), as disclosed in an SEC filing.
- The company reported weak quarterly results—EPS of ($0.72) missed the ($0.55) estimate and revenue was $4.74M versus an $8.90M consensus—alongside a negative net margin (120.20%) and negative return on equity (96.64%).
- Shares were trading up ~6.3% at $0.99 with a market cap of $11.82M, while analyst coverage is mixed (two Buys, one Sell) producing a consensus Hold rating and a consensus price target of $7.25.
Worksport Ltd. (NASDAQ:WKSP - Get Free Report) CEO Steven Rossi purchased 88,214 shares of Worksport stock in a transaction that occurred on Monday, April 13th. The stock was acquired at an average price of $0.85 per share, for a total transaction of $74,981.90. Following the transaction, the chief executive officer directly owned 2,614,085 shares of the company's stock, valued at $2,221,972.25. The trade was a 3.49% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Worksport Trading Up 6.3%
Shares of WKSP opened at $0.99 on Wednesday. The company's fifty day moving average is $1.30 and its 200 day moving average is $2.16. Worksport Ltd. has a fifty-two week low of $0.83 and a fifty-two week high of $4.90. The stock has a market capitalization of $11.82 million, a PE ratio of -0.31 and a beta of 0.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.08 and a current ratio of 2.50.
Worksport (NASDAQ:WKSP - Get Free Report) last announced its quarterly earnings results on Thursday, March 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.17). Worksport had a negative return on equity of 96.64% and a negative net margin of 120.20%.The business had revenue of $4.74 million during the quarter, compared to the consensus estimate of $8.90 million. Sell-side analysts expect that Worksport Ltd. will post -0.6 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Worksport in a research report on Friday. Maxim Group set a $3.00 price target on shares of Worksport in a research report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating and one has issued 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 $7.25.
Get Our Latest Report on Worksport
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp purchased a new position in Worksport during the fourth quarter worth $34,000. XTX Topco Ltd purchased a new position in Worksport during the fourth quarter worth $38,000. Centiva Capital LP purchased a new position in Worksport during the third quarter worth $63,000. Geode Capital Management LLC boosted its stake in 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 during the period. Finally, LPL Financial LLC boosted 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 buying an additional 37,440 shares during the period. 16.11% of the stock is owned by hedge funds and other institutional investors.
About Worksport
(
Get Free Report)
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.
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