Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 421,100 shares, a drop of 38.0% from the September 15th total of 679,000 shares. Currently, 6.6% of the shares of the stock are sold short. Based on an average daily volume of 448,800 shares, the days-to-cover ratio is presently 0.9 days. Based on an average daily volume of 448,800 shares, the days-to-cover ratio is presently 0.9 days. Currently, 6.6% of the shares of the stock are sold short.

Worksport Stock Up 5.8%

WKSP opened at $3.30 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.27 and a quick ratio of 0.70. The stock has a market capitalization of $21.91 million, a price-to-earnings ratio of -0.50 and a beta of 0.55. The business has a 50-day moving average of $3.31 and a two-hundred day moving average of $3.25. Worksport has a 12 month low of $2.44 and a 12 month high of $12.00.

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on WKSP shares. HC Wainwright reiterated a “buy” rating and set a $11.50 price objective on shares of Worksport in a research report on Monday, September 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Worksport in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Worksport from a “hold” rating to a “sell” rating in a research report on Saturday, September 13th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.00.

Institutional Trading of Worksport

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WKSP. IFP Advisors Inc purchased a new stake in Worksport in the 1st quarter valued at about $25,000. XTX Topco Ltd purchased a new stake in shares of Worksport during the 2nd quarter worth about $50,000. Geode Capital Management LLC grew its holdings in shares of Worksport by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after purchasing an additional 3,338 shares during the period. Finally, Armistice Capital LLC purchased a new stake in shares of Worksport during the 1st quarter worth about $1,150,000. Hedge funds and other 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.