HC Wainwright Reaffirms Buy Rating for Worksport (NASDAQ:WKSP)

Worksport (NASDAQ:WKSP)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They presently have a $11.50 target price on the stock. HC Wainwright’s target price suggests a potential upside of 302.10% from the company’s previous close.

A number of other brokerages have also commented on WKSP. Industrial Alliance Securities set a $17.50 price target on Worksport in a report on Monday, March 3rd. Alliance Global Partners reiterated a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th.

Worksport Price Performance

NASDAQ WKSP opened at $2.86 on Wednesday. The stock has a 50-day simple moving average of $4.49 and a 200 day simple moving average of $6.73. Worksport has a twelve month low of $2.44 and a twelve month high of $12.00. The stock has a market capitalization of $13.71 million, a PE ratio of -4.33 and a beta of 2.07. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 2.96.

Institutional Trading of Worksport

Hedge funds have recently modified their holdings of the company. Northern Trust Corp raised its stake in shares of Worksport by 136.1% in the fourth quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock valued at $36,000 after purchasing an additional 22,832 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in Worksport during the fourth quarter worth $29,000. Geode Capital Management LLC increased its holdings in Worksport by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 273,419 shares of the company’s stock valued at $252,000 after buying an additional 36,847 shares during the period. Two Sigma Securities LLC raised its stake in shares of Worksport by 483.7% in the 4th quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock valued at $84,000 after buying an additional 75,878 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Worksport during the 4th quarter worth about $73,000. 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.