Worksport Ltd. (NASDAQ:WKSP) Sees Significant Decline in Short Interest

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 112,200 shares, a decrease of 60.4% from the April 30th total of 283,200 shares. Currently, 2.3% of the shares of the company are short sold. Based on an average daily volume of 187,000 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Investors Weigh In On Worksport

Large investors have recently modified their holdings of the stock. Armistice Capital LLC acquired a new stake in shares of Worksport during the first quarter worth $1,150,000. IFP Advisors Inc acquired a new position in Worksport in the 1st quarter valued at $25,000. Two Sigma Advisers LP purchased a new position in Worksport during the 4th quarter worth $29,000. Two Sigma Investments LP acquired a new stake in shares of Worksport in the 4th quarter worth $145,000. Finally, Jane Street Group LLC acquired a new stake in shares of Worksport in the 4th quarter worth $79,000. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Worksport Price Performance

Shares of WKSP opened at $2.82 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 2.96. Worksport has a fifty-two week low of $2.44 and a fifty-two week high of $12.00. The firm has a 50-day simple moving average of $3.01 and a 200-day simple moving average of $6.04. The company has a market capitalization of $14.66 million, a price-to-earnings ratio of -4.27 and a beta of 2.01.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($1.05) earnings per share for the quarter, hitting 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 company had revenue of $2.24 million during the quarter, compared to analysts’ expectations of $3.72 million. On average, equities research analysts anticipate that Worksport will post -0.6 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on WKSP shares. Maxim Group cut their price target on Worksport from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, May 20th. HC Wainwright restated a “buy” rating and set a $11.50 target price on shares of Worksport in a research report on Friday, May 16th. Industrial Alliance Securities set a $17.50 price target on shares of Worksport in a research report on Monday, March 3rd. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th.

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.