Wall Street Zen Upgrades Worksport (NASDAQ:WKSP) to “Hold”

Worksport (NASDAQ:WKSP) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

A number of other research analysts have also weighed in on WKSP. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a report on Wednesday, July 8th. Maxim Group set a $2.00 price target on shares of Worksport and gave the stock 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Worksport presently has an average rating of “Hold” and an average target price of $6.75.

Worksport Price Performance

NASDAQ:WKSP opened at $0.70 on Friday. The business’s 50-day moving average is $0.76 and its 200 day moving average is $1.04. Worksport has a 12 month low of $0.57 and a 12 month high of $4.30. The company has a market capitalization of $10.68 million, a P/E ratio of -0.30 and a beta of 0.22. The company has a current ratio of 3.79, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26.

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

Insiders Place Their Bets

In related news, CEO Steven F. Rossi acquired 79,618 shares of Worksport stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $0.63 per share, with a total value of $50,159.34. Following the completion of the purchase, the chief executive officer directly 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 acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Worksport

Institutional investors have recently modified their holdings of the stock. Armistice Capital LLC purchased a new position in shares of Worksport in the 4th quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC raised its holdings 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 buying an additional 51,000 shares during the period. Geode Capital Management LLC raised its holdings in Worksport by 23.1% during the 4th quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock valued at $145,000 after buying an additional 12,779 shares during the period. LPL Financial LLC lifted its position in Worksport by 225.2% in the fourth 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. Finally, Centiva Capital LP bought a new stake in Worksport in the third quarter worth $63,000. 16.11% of the stock is owned by institutional investors.

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.