It is Poised to be a Bull Market for Worksport Ltd. (WKSP)

Worksport Ltd. (NASDAQ: WKSP) stock jumped 16.59% on Wednesday to $3.16 against a previous-day closing price of $2.71. With 0.54 million shares changed hands, the volume of the stock remained heavier than its average volume of 65420.0 shares. During the session, the Auto Parts company that operates in wider Consumer Cyclical sector, reached to the highest price of $3.1600 whereas the lowest price it dropped to was $2.8238. The 52-week range on WKSP shows that it touched its highest point at $2.99 and its lowest point at $0.95 during that stretch. It currently has a 1-year price target of $3.00. Beta for the stock currently stands at 1.66.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of WKSP was up-trending over the past week, with a rise of 25.90%, but this was up by 81.61% over a month. Three-month performance surged to 107.89% while six-month performance rose 98.74%. The stock gained 51.92% in the past year, while it has gained 217.59% so far this year. A look at the trailing 12-month EPS for WKSP yields -0.73 with Next year EPS estimates of -0.58. For the next quarter, that number is -0.24. This implies an EPS growth rate of -6.90% for this year and 41.40% for next year.

Float and Shares Shorts:

At present, 17.14 million WKSP shares are outstanding with a float of 12.85 million shares on hand for trading. On Apr 27, 2023, short shares totaled 0.26 million, which was 1.53% higher than short shares on Mar 30, 2023. In addition to Mr. Steven F. Rossi as the firm’s Chairman, Pres, CEO & Sec., Mr. Michael D. Johnston C.A., CPA, CA, CPA serves as its Chief Financial Officer.

Institutional Ownership:

Through their ownership of 6.82% of WKSP’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 16.54% of WKSP, in contrast to 0.93% held by mutual funds. Shares owned by individuals account for 0.48%. As the largest shareholder in WKSP with 0.67% of the stake, Geode Capital Management LLC holds 115,683 shares worth 115,683. A second-largest stockholder of WKSP, The Vanguard Group, Inc., holds 44,981 shares, controlling over 0.26% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in WKSP, holding 18,100 shares or 0.11% stake. With a 0.39% stake in WKSP, the Fidelity Extended Market Index Fu is the largest stakeholder. A total of 66,892 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 0.27% of WKSP stock, is the second-largest Mutual Fund holder. It holds 46,036 shares valued at 81944.0. Fidelity Total Market Index Fund holds 0.17% of the stake in WKSP, owning 29,425 shares worth 52377.0.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, WKSP reported revenue of $11.30k and operating income of -$3.31M. The EBITDA in the recently reported quarter was -$3.02M and diluted EPS was -$0.20.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for WKSP since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With WKSP analysts setting a high price target of $3.00 and a low target of $3.00, the average target price over the next 12 months is $3.00. Based on these targets, WKSP could drop -5.06% to reach the target high and fall by -5.06% to reach the target low. Reaching the average price target will result in a decline of -5.06% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded WKSP stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has remained unchanged to 0 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 0 while 0 shares were sold.

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