Key Points
- CEO Steven Rossi bought 79,618 Worksport shares at an average price of $0.63, spending about $50,159 and raising his direct stake to 2,693,703 shares.
- The stock was trading near $0.64 and has fallen sharply, sitting close to its 12-month low of $0.61 and well below its 50-day and 200-day moving averages.
- Worksport’s latest earnings missed expectations, with a wider-than-expected loss and revenue below forecasts, while analysts currently have a mixed view and an average Hold rating.
Worksport Ltd. (NASDAQ:WKSP - Get Free Report) CEO Steven Rossi bought 79,618 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were acquired at an average price 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 approximately $1,697,032.89. This represents a 3.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Worksport Stock Down 9.2%
Shares of NASDAQ WKSP opened at $0.64 on Wednesday. The firm's 50-day moving average price is $0.93 and its 200-day moving average price is $1.59. The company has a current ratio of 1.95, a quick ratio of 0.27 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $7.98 million, a price-to-earnings ratio of -0.23 and a beta of 0.27. Worksport Ltd. has a 12-month low of $0.61 and a 12-month high of $4.90.
Worksport (NASDAQ:WKSP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.54) earnings per share 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 analysts' expectations of $5.33 million. On average, equities research analysts anticipate that Worksport Ltd. will post -1.15 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of Worksport from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 16th. Maxim Group set a $2.00 target price on shares of Worksport and gave the stock a "buy" rating in a research report on Friday, May 15th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Worksport in a research report on Friday, April 10th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Worksport has an average rating of "Hold" and a consensus price target of $6.75.
Check Out Our Latest Stock Report on WKSP
Hedge Funds Weigh In On Worksport
A number of hedge funds and other institutional investors have recently modified their holdings of WKSP. Armistice Capital LLC bought a new position in shares of Worksport during the fourth quarter valued at approximately $2,058,000. Steward Partners Investment Advisory LLC boosted its position in Worksport by 255.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company's stock valued at $151,000 after acquiring an additional 51,000 shares in the last quarter. LPL Financial LLC boosted its position in Worksport by 225.2% during the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company's stock valued at $115,000 after acquiring an additional 37,440 shares in the last quarter. Centiva Capital LP bought a new stake in Worksport during the 3rd quarter valued at $63,000. Finally, XTX Topco Ltd bought a new stake in Worksport during the 4th quarter valued at $38,000. 16.11% of the stock is currently owned by institutional investors.
Worksport Company Profile
(
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
