Steven Rossi Purchases 88,214 Shares of Worksport (NASDAQ:WKSP) Stock

Worksport Ltd. (NASDAQ:WKSP) CEO Steven Rossi bought 88,214 shares of the company’s stock in a transaction dated Monday, April 13th. The stock was bought at an average cost of $0.85 per share, with a total value of $74,981.90. Following the transaction, the chief executive officer directly owned 2,614,085 shares in the company, valued at approximately $2,221,972.25. The trade was a 3.49% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Worksport Stock Up 6.4%

Shares of WKSP traded up $0.06 during midday trading on Tuesday, hitting $1.00. The company had a trading volume of 735,662 shares, compared to its average volume of 318,179. The company has a quick ratio of 1.08, a current ratio of 2.50 and a debt-to-equity ratio of 0.04. Worksport Ltd. has a 52 week low of $0.83 and a 52 week high of $4.90. The company’s 50 day moving average price is $1.32 and its 200 day moving average price is $2.18. The stock has a market cap of $11.83 million, a price-to-earnings ratio of -0.31 and a beta of 0.24.

Worksport (NASDAQ:WKSP) last issued its quarterly earnings results on Thursday, March 26th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.17). The company had revenue of $4.74 million during the quarter, compared to analyst estimates of $8.90 million. Worksport had a negative return on equity of 96.64% and a negative net margin of 120.20%. On average, equities research analysts predict that Worksport Ltd. will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of WKSP. State Street Corp acquired a new position in shares of Worksport during the 4th quarter worth $34,000. XTX Topco Ltd acquired a new position in shares of Worksport during the 4th quarter worth $38,000. Centiva Capital LP acquired a new position in shares of Worksport during the 3rd quarter worth $63,000. Geode Capital Management LLC increased its stake 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 worth $94,000 after purchasing an additional 3,338 shares during the last quarter. Finally, LPL Financial LLC increased its stake in shares of Worksport by 225.2% during 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 during the last quarter. Institutional investors and hedge funds own 16.11% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on WKSP. Maxim Group set a $3.00 target price on shares of Worksport in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research note on Friday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Worksport has an average rating of “Hold” and a consensus price target of $7.25.

About Worksport

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.