Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant decline in short interest during the month of July. As of July 15th, there was short interest totaling 190,060 shares, a decline of 46.0% from the June 30th total of 351,989 shares. Based on an average daily trading volume, of 462,763 shares, the days-to-cover ratio is currently 0.4 days. Currently, 1.3% of the shares of the company are sold short.

Worksport Stock Performance

Shares of NASDAQ WKSP traded down $0.01 during trading hours on Wednesday, reaching $0.59. The stock had a trading volume of 200,003 shares, compared to its average volume of 2,684,931. The company has a market cap of $8.95 million, a price-to-earnings ratio of -0.22 and a beta of 0.16. Worksport has a twelve month low of $0.57 and a twelve month high of $4.30. The business’s fifty day moving average is $0.79 and its two-hundred day moving average is $1.18. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 0.27.

Worksport (NASDAQ:WKSP) last posted its quarterly 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 business had revenue of $3.31 million for the quarter, compared to analyst estimates of $5.33 million. Worksport had a negative return on equity of 103.67% and a negative net margin of 120.65%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on WKSP shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research report on Wednesday, July 8th. Maxim Group set a $2.00 price objective on Worksport and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Wall Street Zen upgraded Worksport from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.75.

Insider Activity

In other news, CEO Steven F. Rossi acquired 79,618 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average cost of $0.63 per share, with a total value of $50,159.34. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.84% of the company’s stock.

Institutional Investors Weigh In On Worksport

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised 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 worth $94,000 after buying an additional 3,338 shares in the last quarter. XTX Topco Ltd acquired a new stake in Worksport in the 2nd quarter valued at $50,000. Centiva Capital LP bought a new stake in Worksport in the third quarter valued at $63,000. LPL Financial LLC grew its position in Worksport by 225.2% in the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock valued at $115,000 after acquiring an additional 37,440 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its stake in Worksport by 255.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock worth $151,000 after acquiring an additional 51,000 shares in the last quarter. 16.11% of the stock is owned by institutional investors and hedge funds.

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.