Worksport (NASDAQ:WKSP) Receives Buy Rating from HC Wainwright

Worksport (NASDAQ:WKSP)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They currently have a $11.50 target price on the stock. HC Wainwright’s price target indicates a potential upside of 247.43% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Worksport in a report on Tuesday, March 18th. Industrial Alliance Securities set a $17.50 price objective on Worksport in a research note on Monday, March 3rd.

Worksport Stock Performance

Shares of WKSP opened at $3.31 on Friday. The stock has a market capitalization of $16.33 million, a price-to-earnings ratio of -5.02 and a beta of 2.01. Worksport has a 12 month low of $2.44 and a 12 month high of $12.00. The firm has a fifty day simple moving average of $3.34 and a 200 day simple moving average of $6.39. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($1.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.05). Worksport had a negative return on equity of 85.53% and a negative net margin of 242.68%. The firm had revenue of $2.24 million during the quarter, compared to the consensus estimate of $3.72 million. Research analysts forecast that Worksport will post -0.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Worksport

A number of large investors have recently made changes to their positions in the company. Armistice Capital LLC acquired a new position in Worksport in the 1st quarter valued at $1,150,000. IFP Advisors Inc acquired a new stake in Worksport in the 1st quarter worth about $25,000. Two Sigma Advisers LP bought a new stake in Worksport in the 4th quarter valued at about $29,000. Two Sigma Investments LP bought a new stake in Worksport in the 4th quarter valued at about $145,000. Finally, Jane Street Group LLC acquired a new position in shares of Worksport during the 4th quarter worth approximately $79,000. Institutional investors own 16.11% of the company’s stock.

About Worksport

Worksport Ltd., through its subsidiary, designs and distributes truck tonneau covers in Canada and the United States. The company offers soft tonneau covers, such as vinyl wrapped tri- and quad-fold tonneau covers; and hard tonneau covers, including tri- and quad-fold aluminum covers. It also offers energy products, such as Worksport SOLIS, a tonneau cover with integrated solar panels; and Worksport COR energy storage system, a modular, portable power station.