Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 1,038,600 shares, an increase of 647.2% from the August 15th total of 139,000 shares. Based on an average trading volume of 18,258,210 shares, the short-interest ratio is currently 0.1 days. Approximately 7.2% of the shares of the stock are short sold.

Worksport Stock Down 7.9%

Shares of NASDAQ WKSP opened at $0.46 on Friday. Worksport has a 52-week low of $0.46 and a 52-week high of $3.90. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 3.79. The business has a fifty day moving average of $0.67 and a two-hundred day moving average of $0.90. The stock has a market cap of $7.05 million, a PE ratio of -0.20 and a beta of 0.27.

Worksport (NASDAQ:WKSP) last posted its earnings results on Tuesday, August 11th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.11. The business had revenue of $5.23 million for the quarter, compared to analyst estimates of $4.50 million. Worksport had a negative net margin of 114.49% and a negative return on equity of 102.57%.

Institutional Trading of Worksport

Large investors have recently added to or reduced their stakes in the company. Armistice Capital LLC acquired a new position in shares of Worksport in the 4th quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC raised its position in Worksport by 255.0% in 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. Geode Capital Management LLC boosted its stake in Worksport by 23.1% in the fourth quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock worth $145,000 after purchasing an additional 12,779 shares in the last quarter. LPL Financial LLC boosted its stake in Worksport by 225.2% in 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 in the last quarter. Finally, Centiva Capital LP acquired a new position in Worksport in the third quarter worth $63,000. 16.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on WKSP. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research report on Wednesday, July 8th. Maxim Group set a $2.00 price objective on Worksport and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen lowered Worksport from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.75.

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.