Worksport Ltd. (NASDAQ:WKSP) Short Interest Up 153.0% in May

Worksport Ltd. (NASDAQ:WKSP) was the target of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 283,900 shares, a growth of 153.0% from the May 15th total of 112,200 shares. Based on an average daily trading volume, of 228,600 shares, the days-to-cover ratio is presently 1.2 days. Approximately 5.8% of the company’s stock are sold short.

Worksport Trading Down 4.2%

NASDAQ WKSP opened at $3.17 on Friday. Worksport has a one year low of $2.44 and a one year high of $12.00. The company’s 50 day moving average price is $2.99 and its 200 day moving average price is $5.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 2.96. The firm has a market capitalization of $16.48 million, a price-to-earnings ratio of -4.80 and a beta of 2.00.

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

Hedge Funds Weigh In On Worksport

Several hedge funds and other institutional investors have recently modified their holdings of WKSP. Virtu Financial LLC bought a new stake in shares of Worksport during the fourth quarter valued at about $73,000. Jane Street Group LLC bought a new stake in Worksport in the fourth quarter worth about $79,000. Two Sigma Advisers LP acquired a new stake in Worksport during the 4th quarter worth about $29,000. Renaissance Technologies LLC acquired a new stake in Worksport during the 4th quarter worth about $397,000. Finally, Geode Capital Management LLC raised its holdings in Worksport by 15.6% during the 4th quarter. Geode Capital Management LLC now owns 273,419 shares of the company’s stock worth $252,000 after buying an additional 36,847 shares during the period. Institutional investors and hedge funds own 16.11% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Worksport Company Profile

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.