Last Updated: 18 Sep 2024
Executive Summary
Worksport Ltd. (WKSP) is a small-cap company in the motor vehicle parts and accessories industry. The company has a market capitalization of $13.39 million and trades on the NASDAQ exchange. WKSP's latest stock price is $0.45.
The company's financial performance has been weak in recent quarters. In the latest quarter, WKSP reported a loss per share of $0.74 and revenue of $3.73 million. The company's gross profit margin was negative 2.03% and its operating margin was negative 2.03%.
Technically, WKSP is in a downtrend. The stock price has been below its 50-day and 200-day moving averages for the past several months. The stock's relative strength index (RSI) is also below 50, indicating that the stock is oversold.
Company Overview
Worksport Ltd. designs, manufactures, and distributes truck covers in Canada and the United States. The company's products are used to protect trucks from the elements and to improve fuel efficiency. WKSP's customers include commercial and recreational truck owners.
The company was founded in 2010 and is headquartered in Vaughan, Canada. WKSP has a manufacturing facility in Indiana. The company's products are sold through a network of dealers and distributors.
Fundamental Analysis
WKSP's financial performance has been weak in recent quarters. The company has reported losses in each of the past four quarters. In the latest quarter, WKSP reported a loss per share of $0.74 and revenue of $3.73 million. The company's gross profit margin was negative 2.03% and its operating margin was negative 2.03%.
WKSP's weak financial performance is due to a number of factors, including:
Increased competition from larger companies
Rising costs of materials
A decline in demand for truck covers
WKSP's financial outlook is uncertain. The company is facing a number of challenges, including increased competition and rising costs. The company's ability to improve its financial performance will depend on its ability to address these challenges.
Technical Analysis
WKSP is in a downtrend. The stock price has been below its 50-day and 200-day moving averages for the past several months. The stock's relative strength index (RSI) is also below 50, indicating that the stock is oversold.
The technical indicators suggest that WKSP is likely to continue to decline in the short term. The stock price could fall to its 52-week low of $0.36.
Short Term Outlook
The short-term outlook for WKSP is negative. The stock price is in a downtrend and the technical indicators suggest that the stock is likely to continue to decline. Investors should avoid buying WKSP in the short term.
Long Term Outlook
The long-term outlook for WKSP is uncertain. The company is facing a number of challenges, including increased competition and rising costs. The company's ability to improve its financial performance will depend on its ability to address these challenges.
Investors should monitor WKSP's financial performance and the technical indicators before making a decision about whether to buy the stock.
Analyst Recommendations
One analyst has a buy rating on WKSP. The analyst has a price target of $1.50 for the stock.
