Maxim Group Has Lowered Expectations for Worksport (NASDAQ:WKSP) Stock Price

Worksport (NASDAQ:WKSP) had its target price dropped by Maxim Group from $9.00 to $7.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price target points to a potential upside of 168.20% from the company’s previous close.

WKSP has been the topic of several other reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th. HC Wainwright reissued a “buy” rating and issued a $11.50 target price on shares of Worksport in a report on Friday, May 16th. Finally, Industrial Alliance Securities set a $17.50 price target on Worksport in a report on Monday, March 3rd.

Worksport Price Performance

Shares of WKSP stock opened at $2.61 on Tuesday. The stock’s fifty day simple moving average is $3.14 and its 200 day simple moving average is $6.26. Worksport has a one year low of $2.44 and a one year high of $12.00. The firm has a market cap of $12.88 million, a price-to-earnings ratio of -3.95 and a beta of 2.01. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.96 and a quick ratio of 0.91.

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

Hedge Funds Weigh In On Worksport

A number of institutional investors have recently modified their holdings of WKSP. IFP Advisors Inc bought a new stake in shares of Worksport during the first quarter valued at approximately $25,000. Two Sigma Advisers LP acquired a new position in Worksport during the 4th quarter worth $29,000. Northern Trust Corp lifted its holdings in Worksport by 136.1% during the 4th quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock worth $36,000 after buying an additional 22,832 shares in the last quarter. Virtu Financial LLC bought a new position in Worksport in the 4th quarter valued at $73,000. Finally, Jane Street Group LLC bought a new position in Worksport in the 4th quarter valued at $79,000. 16.11% of the stock is owned by 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.