Worksport’s (WKSP) “Sell (D-)” Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their sell (d-) rating on shares of Worksport (NASDAQ:WKSP) in a report issued on Friday,Weiss Ratings reports.

A number of other research analysts have also issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $11.50 price objective on shares of Worksport in a report on Monday, September 29th. Wall Street Zen lowered shares of Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 13th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Worksport currently has an average rating of “Moderate Buy” and an average target price of $14.00.

Worksport Trading Up 3.0%

WKSP opened at $3.40 on Friday. The company’s 50 day moving average is $3.32 and its 200-day moving average is $3.26. Worksport has a 1-year low of $2.44 and a 1-year high of $12.00. The company has a current ratio of 2.27, a quick ratio of 0.70 and a debt-to-equity ratio of 0.12. The company has a market cap of $22.58 million, a P/E ratio of -1.08 and a beta of 0.55.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Armistice Capital LLC bought a new position in Worksport during the 1st quarter worth approximately $1,150,000. Geode Capital Management LLC raised its holdings in 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 last quarter. XTX Topco Ltd acquired a new stake in shares of Worksport during the 2nd quarter worth approximately $50,000. Finally, IFP Advisors Inc acquired a new stake in shares of Worksport during the 1st quarter worth approximately $25,000. Institutional investors 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.