Worksport (NASDAQ:WKSP) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Worksport (NASDAQ:WKSP) from a hold rating to a sell rating in a report released on Saturday,Wall Street Zen reports.

A number of other brokerages also recently commented on WKSP. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Maxim Group set a $2.00 price target on Worksport and gave the stock a “buy” rating in a research note on Friday, May 15th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Worksport has an average rating of “Hold” and a consensus price target of $6.75.

Worksport Stock Down 3.3%

WKSP stock opened at $0.56 on Friday. Worksport has a 12-month low of $0.47 and a 12-month high of $3.90. The company has a quick ratio of 0.72, a current ratio of 3.79 and a debt-to-equity ratio of 0.26. The company has a market cap of $8.57 million, a price-to-earnings ratio of -0.24 and a beta of 0.27. The company has a 50 day moving average of $0.71 and a two-hundred day moving average of $0.93.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.11. Worksport had a negative net margin of 114.49% and a negative return on equity of 102.57%. The business had revenue of $5.23 million for the quarter, compared to analysts’ expectations of $4.50 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp acquired a new stake in shares of Worksport in the 4th quarter valued at $34,000. XTX Topco Ltd acquired a new position in Worksport during the fourth quarter worth $38,000. Centiva Capital LP acquired a new position in Worksport during the third quarter worth $63,000. Geode Capital Management LLC raised its holdings in Worksport by 11.2% during the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after buying an additional 3,338 shares in the last quarter. Finally, LPL Financial LLC raised its holdings in Worksport by 225.2% during the fourth 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.