Worksport’s (WKSP) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Worksport (NASDAQ:WKSP) in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $11.50 price target on the stock.

Separately, Wall Street Zen cut shares of Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 13th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $14.00.

Worksport Trading Up 4.5%

Worksport stock opened at $3.26 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.27 and a quick ratio of 0.70. The firm’s 50 day moving average price is $3.34 and its 200-day moving average price is $3.25. Worksport has a 1 year low of $2.44 and a 1 year high of $12.00. The stock has a market cap of $21.65 million, a P/E ratio of -0.49 and a beta of 0.69.

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

Hedge Funds Weigh In On Worksport

A number of large investors have recently made changes to their positions in the business. Jane Street Group LLC acquired a new stake in shares of Worksport in the 4th quarter worth $79,000. Two Sigma Investments LP acquired a new stake in Worksport in the fourth quarter worth about $145,000. Two Sigma Advisers LP purchased a new stake in shares of Worksport during the fourth quarter worth about $29,000. Northern Trust Corp increased its holdings in shares of Worksport by 136.1% during the fourth quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock valued at $36,000 after acquiring an additional 22,832 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in shares of Worksport during the first quarter valued at about $1,150,000. 16.11% of the stock is owned by institutional investors and hedge funds.

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.