Short Interest in Worksport Ltd. (NASDAQ:WKSP) Expands By 647.2%

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totaling 1,038,600 shares, a growth of 647.2% from the August 15th total of 139,000 shares. Approximately 7.2% of the company’s stock are short sold. Based on an average daily volume of 18,258,210 shares, the short-interest ratio is presently 0.1 days.

Worksport Stock Down 0.2%

Worksport stock opened at $0.46 on Friday. Worksport has a 1-year low of $0.44 and a 1-year high of $3.90. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.79 and a quick ratio of 0.72. The stock has a market cap of $7.04 million, a PE ratio of -0.20 and a beta of 0.27. The stock’s fifty day moving average is $0.66 and its two-hundred day moving average is $0.89.

Worksport (NASDAQ:WKSP) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.11. Worksport had a negative return on equity of 102.57% and a negative net margin of 114.49%.The business had revenue of $5.23 million for the quarter, compared to the consensus estimate of $4.50 million.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WKSP. Wall Street Zen cut Worksport from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $6.75.

Institutional Trading of Worksport

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new position in shares of Worksport in the 4th quarter valued at $38,000. Armistice Capital LLC purchased a new stake in Worksport in the fourth quarter valued at $2,058,000. State Street Corp acquired a new position in Worksport in the fourth quarter valued at $34,000. Steward Partners Investment Advisory LLC boosted its stake in Worksport by 255.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after acquiring an additional 51,000 shares in the last quarter. Finally, LPL Financial LLC grew its holdings in shares of Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares during the last quarter. Institutional investors and hedge funds own 16.11% of the company’s stock.

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.