Worksport (NASDAQ:WKSP) Stock Rating Lowered by Wall Street Zen

Wall Street Zen lowered shares of Worksport (NASDAQ:WKSP) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other brokerages have also commented on WKSP. Maxim Group decreased their price target on shares of Worksport from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, May 20th. HC Wainwright reaffirmed a “buy” rating and set a $11.50 target price on shares of Worksport in a report on Friday, May 16th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Worksport presently has an average rating of “Buy” and a consensus target price of $14.00.

Worksport Price Performance

Shares of NASDAQ:WKSP opened at $3.43 on Friday. The company’s fifty day moving average price is $3.50 and its 200-day moving average price is $3.43. The firm has a market capitalization of $22.78 million, a price-to-earnings ratio of -0.52 and a beta of 0.69. Worksport has a one year low of $2.44 and a one year high of $12.00. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.27 and a quick ratio of 0.70.

Worksport (NASDAQ:WKSP) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.71) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.05. The firm had revenue of $4.11 million for the quarter, compared to analyst estimates of $3.61 million. Worksport had a negative net margin of 134.19% and a negative return on equity of 93.40%. On average, equities research analysts anticipate that Worksport will post -0.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Worksport

Several institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in Worksport by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after buying an additional 3,338 shares during the period. IFP Advisors Inc purchased a new stake in Worksport during the 1st quarter valued at $25,000. XTX Topco Ltd purchased a new stake in Worksport during the 2nd quarter valued at $50,000. Northern Trust Corp boosted its position in Worksport by 136.1% during the 4th quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock valued at $36,000 after buying an additional 22,832 shares during the period. Finally, Two Sigma Advisers LP purchased a new stake in Worksport during the 4th quarter valued at $29,000. Institutional investors own 16.11% of the company’s stock.

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.