Worksport Ltd. (NASDAQ:WKSP) Short Interest Update

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant 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 shares are sold short. Based on an average daily volume of 248,577 shares, the short-interest ratio is currently 2.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in Worksport by 23.1% during 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 during the period. Armistice Capital LLC bought a new stake in Worksport in the fourth quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC lifted its stake in Worksport by 255.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after buying an additional 51,000 shares during the period. LPL Financial LLC lifted its stake in Worksport by 225.2% in the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock valued at $115,000 after buying an additional 37,440 shares during the period. Finally, Centiva Capital LP bought a new position in shares of Worksport during the 3rd quarter worth approximately $63,000. 16.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on WKSP. Maxim Group set a $3.00 target price on Worksport in a report on Friday, February 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.25.

Worksport Stock Performance

WKSP opened at $1.03 on Monday. Worksport has a twelve month low of $0.90 and a twelve month high of $4.90. The company has a quick ratio of 1.08, a current ratio of 2.50 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average of $1.55 and a 200-day moving average of $2.36. The stock has a market cap of $12.19 million, a PE ratio of -0.32 and a beta of 0.13.

Worksport (NASDAQ:WKSP) last released 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). The firm had revenue of $4.74 million during the quarter, compared to analyst estimates of $8.90 million. Worksport had a negative net margin of 120.20% and a negative return on equity of 96.64%. On average, sell-side analysts predict that Worksport will post -0.6 EPS for the current year.

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.