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

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi acquired 79,618 shares of the business’s stock in a transaction on Friday, June 5th. The shares were purchased 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 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Worksport Price Performance

Shares of WKSP opened at $0.64 on Wednesday. The firm has a market cap of $7.98 million, a PE ratio of -0.23 and a beta of 0.27. 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 firm has a fifty day simple moving average of $0.93 and a two-hundred day simple moving average of $1.59. Worksport Ltd. has a 1-year low of $0.61 and a 1-year high of $4.90.

Worksport (NASDAQ:WKSP) last announced its earnings results 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). The company had revenue of $3.31 million for the quarter, compared to analysts’ expectations of $5.33 million. Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%. On average, equities analysts anticipate that Worksport Ltd. will post -1.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research report on Friday, April 10th. Wall Street Zen downgraded shares of Worksport from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Finally, Maxim Group set a $2.00 price objective on shares of Worksport and gave the company a “buy” rating in a research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.75.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WKSP. Geode Capital Management LLC boosted its holdings in shares of Worksport by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after purchasing an additional 3,338 shares during the last quarter. State Street Corp bought a new position in shares of Worksport during the 4th quarter valued at about $34,000. XTX Topco Ltd bought a new position in shares of Worksport during the 2nd quarter valued at about $50,000. Centiva Capital LP purchased a new stake in shares of Worksport during the 3rd quarter valued at about $63,000. Finally, LPL Financial LLC raised its position in shares of 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 buying an additional 37,440 shares in the last quarter. 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.