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

Worksport (NASDAQ:WKSP)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $11.50 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 292.49% from the company’s current price. HC Wainwright also issued estimates for Worksport’s FY2026 earnings at ($2.03) EPS.

A number of other research analysts have also weighed in on the company. Alliance Global Partners restated a “buy” rating on shares of Worksport in a report on Tuesday, March 18th. Industrial Alliance Securities set a $17.50 target price on Worksport in a report on Monday, March 3rd.

Worksport Stock Down 11.5%

NASDAQ:WKSP opened at $2.93 on Friday. The firm has a market capitalization of $14.45 million, a price-to-earnings ratio of -4.44 and a beta of 2.01. Worksport has a twelve month low of $2.44 and a twelve month high of $12.00. The stock’s 50 day moving average price is $3.29 and its two-hundred day moving average price is $6.35. The company has a quick ratio of 0.91, a current ratio of 2.96 and a debt-to-equity ratio of 0.31.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($1.05) earnings per share for the quarter, hitting the consensus estimate of ($1.05). The firm had revenue of $2.24 million for the quarter, compared to analyst estimates of $3.72 million. Worksport had a negative return on equity of 85.53% and a negative net margin of 242.68%. Equities research analysts expect that Worksport will post -0.6 earnings per share for the current fiscal year.

Institutional Trading of Worksport

A number of institutional investors and hedge funds have recently modified their holdings of the business. Armistice Capital LLC purchased a new stake in shares of Worksport during the first quarter valued at approximately $1,150,000. IFP Advisors Inc purchased a new stake in shares of Worksport during the first quarter valued at approximately $25,000. Two Sigma Advisers LP purchased a new stake in shares of Worksport during the fourth quarter valued at approximately $29,000. Two Sigma Investments LP purchased a new stake in shares of Worksport during the fourth quarter valued at approximately $145,000. Finally, Jane Street Group LLC purchased a new stake in shares of Worksport during the fourth quarter valued at approximately $79,000. 16.11% of the stock is owned by hedge funds and other institutional investors.

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.