Short Interest in Worksport Ltd. (NASDAQ:WKSP) Drops By 22.1%

Worksport Ltd. (NASDAQ:WKSP) saw a significant drop in short interest in December. As of December 31st, there was short interest totaling 449,618 shares, a drop of 22.1% from the December 15th total of 577,108 shares. Currently, 5.9% of the company’s stock are sold short. Based on an average trading volume of 309,101 shares, the short-interest ratio is presently 1.5 days. Based on an average trading volume of 309,101 shares, the short-interest ratio is presently 1.5 days. Currently, 5.9% of the company’s stock are sold short.

Hedge Funds Weigh In On Worksport

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings 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 worth $94,000 after buying an additional 3,338 shares during the last quarter. XTX Topco Ltd bought a new position in Worksport in the second quarter worth approximately $50,000. Finally, Centiva Capital LP bought a new position in Worksport in the third quarter worth approximately $63,000. Institutional investors own 16.11% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $11.50 price objective on shares of Worksport in a research report on Monday, September 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research note on Monday, December 22nd. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Worksport Stock Performance

WKSP traded up $0.05 during mid-day trading on Friday, reaching $2.30. 86,465 shares of the company traded hands, compared to its average volume of 117,692. The company’s fifty day moving average price is $2.39 and its 200-day moving average price is $3.05. The stock has a market capitalization of $18.98 million, a P/E ratio of -0.92 and a beta of 0.38. The company has a quick ratio of 0.91, a current ratio of 2.04 and a debt-to-equity ratio of 0.05. Worksport has a 52-week low of $1.92 and a 52-week high of $11.00.

Worksport (NASDAQ:WKSP) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). The firm had revenue of $5.01 million during the quarter, compared to analysts’ expectations of $5.58 million. Worksport had a negative return on equity of 93.38% and a negative net margin of 121.98%. On average, sell-side analysts expect that Worksport will post -0.6 EPS for the current year.

About Worksport

Worksport Ltd. is an Israeli-based designer, developer and global supplier of innovative automotive accessories, with a primary focus on pickup truck bed covers. The company’s core offerings include a range of hard and soft tonneau covers under brands such as ROLL, FLEXIT and SOLAR, engineered to provide truck owners with enhanced utility, security and weather protection. Worksport leverages advanced polymer materials and patented folding mechanisms to deliver lightweight, durable solutions that are easy to install and operate.

In recent years, Worksport has expanded its product portfolio to incorporate solar technology, introducing integrated solar tonneau covers capable of generating power for auxiliary truck systems or charging batteries for recreational and off-grid applications.