Worksport Ltd. (NASDAQ:WKSP) Short Interest Down 30.1% in February

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant drop in short interest in February. As of February 27th, there was short interest totaling 383,438 shares, a drop of 30.1% from the February 12th total of 548,345 shares. Based on an average daily trading volume, of 575,593 shares, the days-to-cover ratio is currently 0.7 days. Approximately 4.2% of the company’s stock are short sold. Approximately 4.2% of the company’s stock are short sold. Based on an average daily trading volume, of 575,593 shares, the days-to-cover ratio is currently 0.7 days.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research report on Monday, December 22nd. Maxim Group set a $3.00 target price on shares of Worksport in a report on Friday, February 13th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $7.25.

Worksport Stock Down 0.8%

WKSP stock opened at $1.31 on Friday. The firm has a 50-day moving average price of $1.75 and a 200-day moving average price of $2.52. Worksport has a 12 month low of $1.00 and a 12 month high of $5.03. The company has a current ratio of 2.04, a quick ratio of 0.91 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $12.85 million, a P/E ratio of -0.52 and a beta of 0.13.

Institutional Investors Weigh In On Worksport

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in Worksport by 11.2% in the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after purchasing an additional 3,338 shares in the last quarter. State Street Corp acquired a new stake in shares of Worksport during the fourth quarter valued at about $34,000. XTX Topco Ltd acquired a new stake in shares of Worksport during the second quarter valued at about $50,000. Centiva Capital LP bought a new stake in shares of Worksport during the third quarter worth about $63,000. Finally, LPL Financial LLC grew its holdings in shares of Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares during the last quarter. Institutional investors and hedge funds own 16.11% of the company’s stock.

About Worksport

Worksport Ltd. is an Israeli-based designer, developer and global supplier of innovative automotive accessories, with a primary focus on pickup truck bed covers. The company’s core offerings include a range of hard and soft tonneau covers under brands such as ROLL, FLEXIT and SOLAR, engineered to provide truck owners with enhanced utility, security and weather protection. Worksport leverages advanced polymer materials and patented folding mechanisms to deliver lightweight, durable solutions that are easy to install and operate.

In recent years, Worksport has expanded its product portfolio to incorporate solar technology, introducing integrated solar tonneau covers capable of generating power for auxiliary truck systems or charging batteries for recreational and off-grid applications.