Maxim Group Lowers Worksport (NASDAQ:WKSP) Price Target to $7.00

Worksport (NASDAQ:WKSP) had its price objective reduced by Maxim Group from $9.00 to $7.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s price target would indicate a potential upside of 171.21% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $11.50 price target on shares of Worksport in a research report on Friday. Industrial Alliance Securities set a $17.50 target price on shares of Worksport in a research note on Monday, March 3rd. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th.

Worksport Price Performance

Shares of Worksport stock traded down $0.21 on Tuesday, reaching $2.58. The stock had a trading volume of 84,735 shares, compared to its average volume of 110,999. The business’s 50 day moving average is $3.22 and its two-hundred day moving average is $6.31. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. Worksport has a 1 year low of $2.44 and a 1 year high of $12.00. The company has a market cap of $12.73 million, a P/E ratio of -3.91 and a beta of 2.01.

Worksport (NASDAQ:WKSP) last posted its earnings results on Thursday, May 15th. The company reported ($1.05) EPS for the quarter, hitting the consensus estimate of ($1.05). Worksport had a negative return on equity of 85.53% and a negative net margin of 242.68%. The business had revenue of $2.24 million during the quarter, compared to analysts’ expectations of $3.72 million. As a group, research analysts anticipate that Worksport will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in Worksport in the 4th quarter worth approximately $397,000. Armistice Capital LLC purchased a new position in shares of Worksport in the first quarter worth $1,150,000. Geode Capital Management LLC lifted its holdings in shares of Worksport by 15.6% during the fourth quarter. Geode Capital Management LLC now owns 273,419 shares of the company’s stock valued at $252,000 after purchasing an additional 36,847 shares in the last quarter. Two Sigma Investments LP purchased a new stake in shares of Worksport during the fourth quarter valued at $145,000. Finally, Two Sigma Securities LLC increased its holdings in Worksport by 483.7% in the 4th quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock worth $84,000 after buying an additional 75,878 shares in the last quarter. 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.