Worksport Ltd. (NASDAQ:WKSP) Short Interest Up 43.6% in March

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 550,591 shares, a growth of 43.6% from the February 26th total of 383,438 shares. Approximately 6.1% of the company’s stock are short sold. Based on an average daily trading volume, of 248,577 shares, the days-to-cover ratio is presently 2.2 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WKSP. Maxim Group set a $3.00 price target on shares of Worksport in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a research note on Monday, December 22nd. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.25.

Worksport Trading Down 22.9%

NASDAQ WKSP opened at $1.03 on Friday. Worksport has a 12 month low of $0.90 and a 12 month high of $4.90. The stock has a market cap of $10.06 million, a P/E ratio of -0.32 and a beta of 0.13. The stock’s fifty day moving average price is $1.55 and its 200-day moving average price is $2.38. The company has a current ratio of 2.04, a quick ratio of 0.91 and a debt-to-equity ratio of 0.05.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Thursday, March 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.17). The company had revenue of $4.74 million during the quarter, compared to analysts’ expectations of $8.90 million. Worksport had a negative return on equity of 101.46% and a negative net margin of 120.20%. As a group, equities analysts forecast that Worksport will post -0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Worksport

Institutional investors and hedge funds have recently made changes to their positions in the company. Armistice Capital LLC purchased a new position in Worksport in the 4th quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC boosted its stake in Worksport by 255.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after purchasing an additional 51,000 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Worksport by 225.2% in the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares in the last quarter. Centiva Capital LP bought a new stake in shares of Worksport in the 3rd quarter worth $63,000. Finally, XTX Topco Ltd purchased a new position in shares of Worksport in the fourth quarter worth $38,000. Institutional investors 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.