Worksport (NASDAQ:WKSP) Downgraded to “Sell” Rating by Wall Street Zen

Worksport (NASDAQ:WKSP) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

WKSP has been the topic of a number of other research reports. HC Wainwright reiterated a “buy” rating and issued a $11.50 target price on shares of Worksport in a research report on Friday, May 16th. Maxim Group reduced their target price on Worksport from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, May 20th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $14.00.

Worksport Price Performance

Shares of WKSP stock opened at $3.53 on Friday. Worksport has a fifty-two week low of $2.44 and a fifty-two week high of $12.00. The firm has a market capitalization of $23.44 million, a price-to-earnings ratio of -0.53 and a beta of 0.69. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.70 and a current ratio of 2.27. The stock’s 50-day simple moving average is $3.51 and its 200-day simple moving average is $3.50.

Worksport (NASDAQ:WKSP) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.05. The business had revenue of $4.11 million for the quarter, compared to analyst estimates of $3.61 million. Worksport had a negative return on equity of 93.40% and a negative net margin of 134.19%. As a group, equities analysts forecast that Worksport will post -0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Worksport

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Jane Street Group LLC purchased a new position in shares of Worksport in the 4th quarter valued at approximately $79,000. Two Sigma Investments LP acquired a new stake in Worksport during the fourth quarter worth about $145,000. Two Sigma Advisers LP acquired a new stake in shares of Worksport in the fourth quarter valued at about $29,000. Northern Trust Corp grew its stake in Worksport by 136.1% during the 4th 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. Finally, Armistice Capital LLC bought a new position in Worksport during the 1st quarter worth approximately $1,150,000. Institutional investors and hedge funds 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.