Worksport (NASDAQ:WKSP) Releases Earnings Results, Beats Expectations By $0.11 EPS

Worksport (NASDAQ:WKSP) released its quarterly earnings data on Tuesday. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.11, Zacks reports. Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%.

Worksport Trading Up 4.6%

WKSP traded up $0.03 during trading on Tuesday, reaching $0.72. The company had a trading volume of 310,642 shares, compared to its average volume of 2,541,362. The business has a 50 day simple moving average of $0.76 and a 200-day simple moving average of $1.08. The company has a quick ratio of 0.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a market cap of $11.08 million, a P/E ratio of -0.27 and a beta of 0.22. Worksport has a 52 week low of $0.57 and a 52 week high of $4.30.

Analyst Ratings Changes

Several equities analysts recently commented on WKSP shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a report on Wednesday, July 8th. Wall Street Zen upgraded shares of Worksport from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Maxim Group set a $2.00 price target on Worksport and gave the company a “buy” rating in a report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Worksport presently has an average rating of “Hold” and a consensus target price of $6.75.

Insider Activity

In related news, CEO Steven F. Rossi purchased 79,618 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $0.63 per share, for a total transaction of $50,159.34. Following the acquisition, the chief executive officer owned 2,693,703 shares of the company’s stock, valued at $1,697,032.89. The trade was a 3.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.84% of the company’s stock.

Institutional Investors Weigh In On Worksport

A number of institutional investors have recently added to or reduced their stakes in WKSP. State Street Corp purchased a new position in Worksport in the fourth quarter valued at about $34,000. XTX Topco Ltd purchased a new stake in shares of Worksport during the fourth quarter valued at about $38,000. Centiva Capital LP bought a new stake in shares of Worksport in the 3rd quarter valued at about $63,000. Geode Capital Management LLC boosted its holdings in shares of Worksport by 11.2% in the 2nd 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 grew its position in shares of Worksport by 225.2% in the 4th 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 last quarter. Institutional investors own 16.11% of the company’s stock.

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.