Short Interest in Worksport Ltd. (NASDAQ:WKSP) Increases By 43.6%

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

Hedge Funds Weigh In On Worksport

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after purchasing an additional 3,338 shares during the period. XTX Topco Ltd purchased a new position in shares of Worksport during the 2nd quarter valued at approximately $50,000. Centiva Capital LP purchased a new position in shares of Worksport during the 3rd quarter valued at approximately $63,000. LPL Financial LLC grew its stake in Worksport by 225.2% in the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock valued at $115,000 after acquiring an additional 37,440 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its stake 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 acquiring an additional 51,000 shares during the period. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Worksport Stock Down 22.9%

WKSP opened at $1.03 on Friday. The company has a fifty day moving average of $1.55 and a two-hundred day moving average of $2.37. The stock has a market capitalization of $10.06 million, a price-to-earnings ratio of -0.32 and a beta of 0.13. Worksport has a fifty-two week low of $0.90 and a fifty-two week high of $4.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.91 and a current ratio of 2.04.

Worksport (NASDAQ:WKSP) last posted its 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). Worksport had a negative return on equity of 101.46% and a negative net margin of 120.20%.The firm had revenue of $4.74 million for the quarter, compared to analysts’ expectations of $8.90 million. On average, research analysts expect that Worksport will post -0.6 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Worksport Company Profile

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.