Worksport (NASDAQ:WKSP) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Worksport (NASDAQ:WKSP) released its earnings results on Tuesday. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates 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%. The business had revenue of $5.23 million for the quarter, compared to the consensus estimate of $4.50 million.

Worksport Trading Up 2.6%

NASDAQ WKSP traded up $0.02 on Tuesday, hitting $0.71. 379,528 shares of the company were exchanged, compared to its average volume of 2,541,777. 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 has a twelve month low of $0.57 and a twelve month high of $4.30. The firm has a market capitalization of $10.87 million, a P/E ratio of -0.26 and a beta of 0.22. The company’s 50 day moving average price is $0.76 and its 200-day moving average price is $1.08.

Insider Transactions at Worksport

In other Worksport news, CEO Steven F. Rossi bought 79,618 shares of Worksport stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $0.63 per share, for a total transaction of $50,159.34. Following the completion of the acquisition, the chief executive officer directly owned 2,693,703 shares of the company’s stock, valued at approximately $1,697,032.89. This trade represents a 3.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Worksport

Hedge funds have recently bought and sold shares of the business. State Street Corp acquired a new position in shares of Worksport in the 4th quarter valued at about $34,000. XTX Topco Ltd acquired a new stake in shares of Worksport during the fourth quarter worth approximately $38,000. Centiva Capital LP purchased a new position in Worksport during the third quarter valued at approximately $63,000. Geode Capital Management LLC lifted its position in 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. Finally, LPL Financial LLC boosted its position 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 purchasing an additional 37,440 shares during the last quarter. 16.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on WKSP shares. 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. Wall Street Zen upgraded Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.75.

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.