Worksport Ltd. (NASDAQ:WKSP) Sees Large Decrease in Short Interest

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

Hedge Funds Weigh In On Worksport

A number of hedge funds and other institutional investors have recently modified their holdings of WKSP. State Street Corp bought a new position in Worksport in the fourth quarter worth approximately $34,000. XTX Topco Ltd bought a new stake in Worksport during the 4th quarter valued at $38,000. Centiva Capital LP bought a new stake in Worksport during the 3rd quarter valued at $63,000. Geode Capital Management LLC increased its holdings in shares of Worksport by 11.2% in the 2nd quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after acquiring an additional 3,338 shares during the period. Finally, 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 valued at $115,000 after acquiring an additional 37,440 shares during the period. 16.11% of the stock is currently owned by institutional investors.

Worksport Stock Down 0.8%

NASDAQ:WKSP opened at $1.31 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 0.91. Worksport has a 1-year low of $1.00 and a 1-year high of $5.03. The company has a 50-day moving average of $1.75 and a 200 day moving average of $2.51. The firm has a market cap of $12.85 million, a PE ratio of -0.52 and a beta of 0.13.

Analysts Set New Price Targets

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

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.