Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totaling 421,100 shares, a drop of 38.0% from the September 15th total of 679,000 shares. Based on an average trading volume of 448,800 shares, the short-interest ratio is presently 0.9 days. Currently, 6.6% of the company’s stock are short sold. Currently, 6.6% of the company’s stock are short sold. Based on an average trading volume of 448,800 shares, the short-interest ratio is presently 0.9 days.

Worksport Price Performance

Shares of NASDAQ WKSP opened at $3.24 on Wednesday. The firm’s 50-day moving average price is $3.32 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 firm has a market capitalization of $21.51 million, a P/E ratio of -0.49 and a beta of 0.55. The company has a current ratio of 2.27, a quick ratio of 0.70 and a debt-to-equity ratio of 0.12.

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 analysts’ consensus estimates of ($0.76) by $0.05. The business had revenue of $4.11 million during the quarter, compared to the consensus estimate of $3.61 million. Worksport had a negative net margin of 134.19% and a negative return on equity of 93.40%. Equities research analysts anticipate that Worksport will post -0.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Worksport

Several institutional investors and hedge funds have recently made changes to their positions in WKSP. IFP Advisors Inc purchased a new stake in shares of Worksport in the 1st quarter worth about $25,000. XTX Topco Ltd bought a new stake in shares of Worksport in the second quarter worth approximately $50,000. Geode Capital Management LLC grew its stake in shares of Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after acquiring an additional 3,338 shares during the period. Finally, Armistice Capital LLC bought a new stake in Worksport during the first quarter valued at approximately $1,150,000. Institutional investors own 16.11% of the company’s stock.

Wall Street Analyst Weigh In

WKSP has been the topic of a number of recent research reports. Wall Street Zen downgraded Worksport from a “hold” rating to a “sell” rating in a research report on Saturday, September 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Worksport in a research report on Wednesday, October 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $11.50 price target on shares of Worksport in a report on Monday, September 29th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Worksport has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

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.