EWK — Earthworks Industries Inc. — heads into the final day of April with a consistent insider-buying story sitting in sharp contrast to a stock that has lost a quarter of its value over the past month.
The dominant feature of the EWK narrative over the past year is the steady accumulation of shares by management. The Founder and President/CEO David Atkinson has bought repeatedly — most recently in September 2025 alongside a director purchase, and before that in May and January 2025. The CFO and independent directors have also bought in. In the 90 days through September 2025, insiders added a net 1.8 million shares. Every transaction on record is a buy. No insider has sold. For a micro-cap trading at three cents, that kind of board-level conviction is the loudest signal the data set carries. The insider data is now roughly eight months old, so it cannot speak to the most recent price decline — but the pattern is unambiguous.
The structural story behind the stock has also shifted at the ownership level. Recology Inc., a major US waste-management firm, reported a 19.6% stake as of late March 2026 — adding 13.1 million shares since the prior filing. That concentration matters. Four holders in total account for the disclosed register, with Atkinson and director Calvin Woroniak also on the list. Recology's move into the cap table is the single most material development visible in the institutional data.
The lending market is not a primary story here. Short interest is tiny — just 0.012% of the free float, roughly 15,000 shares. That figure is up sharply in percentage terms over one month, but the absolute level is negligible. Borrow availability is ample. Cost to borrow is 7.1%, up from roughly 0.5% in summer 2025, reflecting the longer-run tightening of the borrow market but not indicating any meaningful short pressure. The ORTEX short score has eased to 29 from intraday spikes near 48 earlier in the week — a noisy but declining signal.
The stock itself is under pressure. The last recorded close was CAD $0.03 on April 24 — down 14% on the day and 25% over the past month. Price data is now six days stale, just past the freshness threshold, so the current level may have moved. The stock has traded between $0.01 and $0.05 over recent months. At these levels, valuation metrics carry limited analytical weight; the sole enterprise value figure in the data (roughly CAD $5.9M, as of December 2025) is stale.
Earnings history shows two reactions worth noting. A release in late October 2025 produced a sharp 40% one-day gain and a 20% five-day gain. The subsequent print in November resulted in a 17% five-day decline. The most recent event, in mid-April 2026, saw flat price movement — neither a catalyst up nor down. No future earnings date is currently on the calendar.
The key tension to watch is whether Recology's stake and continued insider alignment translate into any operational announcement — that gap between insider conviction and stock performance is the live question.
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