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

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totaling 679,000 shares, an increase of 65.3% from the August 31st total of 410,700 shares. Based on an average daily volume of 407,900 shares, the short-interest ratio is presently 1.7 days. Currently, 10.6% of the shares of the stock are sold short. Currently, 10.6% of the shares of the stock are sold short. Based on an average daily volume of 407,900 shares, the short-interest ratio is presently 1.7 days.

Analyst Ratings Changes

WKSP has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Worksport in a research report on Saturday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $11.50 target price on shares of Worksport in a report on Monday, September 29th. Finally, Wall Street Zen downgraded shares of Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 13th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Worksport presently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Worksport Price Performance

Shares of WKSP opened at $3.34 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.70 and a current ratio of 2.27. The firm has a market cap of $22.18 million, a PE ratio of -0.51 and a beta of 0.55. The firm’s 50 day moving average price is $3.31 and its 200 day moving average price is $3.25. Worksport has a twelve month low of $2.44 and a twelve month high of $12.00.

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

Institutional Trading of Worksport

Institutional investors and hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc bought a new position in shares of Worksport in the 1st quarter valued at approximately $25,000. Two Sigma Advisers LP acquired a new position in Worksport in the 4th quarter valued at $29,000. XTX Topco Ltd bought a new position in Worksport in the 2nd quarter worth $50,000. Jane Street Group LLC bought a new stake in Worksport during the fourth quarter valued at about $79,000. Finally, Geode Capital Management LLC grew its position in shares of Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after purchasing an additional 3,338 shares during the last quarter. Institutional investors and hedge funds 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.