Short Interest in Worksport Ltd. (NASDAQ:WKSP) Drops By 46.0%

Worksport Ltd. (NASDAQ:WKSP) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 190,060 shares, a drop of 46.0% from the June 30th total of 351,989 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily trading volume, of 462,763 shares, the short-interest ratio is currently 0.4 days.

Analysts Set New Price Targets

A number of brokerages have weighed in on WKSP. Maxim Group set a $2.00 target price on Worksport and gave the stock a “buy” rating in a research note on Friday, May 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research report on Wednesday, July 8th. Finally, Wall Street Zen upgraded shares of Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Worksport presently has a consensus rating of “Hold” and an average target price of $6.75.

Worksport Stock Up 5.3%

Shares of NASDAQ WKSP opened at $0.62 on Friday. The stock has a market capitalization of $9.42 million, a P/E ratio of -0.23 and a beta of 0.16. Worksport has a one year low of $0.57 and a one year high of $4.30. The firm’s 50 day simple moving average is $0.78 and its two-hundred day simple moving average is $1.16. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 0.27.

Worksport (NASDAQ:WKSP) last released its earnings results on Wednesday, May 13th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.03). The business had revenue of $3.31 million for the quarter, compared to the consensus estimate of $5.33 million. Worksport had a negative net margin of 120.65% and a negative return on equity of 103.67%.

Insider Transactions at Worksport

In related news, CEO Steven F. Rossi purchased 79,618 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was purchased at an average cost of $0.63 per share, with a total value of $50,159.34. Following the completion of the acquisition, the chief executive officer directly owned 2,693,703 shares of the company’s stock, valued at approximately $1,697,032.89. The trade was a 3.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 5.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Worksport

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp purchased a new stake in Worksport during the 4th quarter valued at about $34,000. XTX Topco Ltd purchased a new position in shares of Worksport in the fourth quarter worth $38,000. Centiva Capital LP purchased a new position in shares of Worksport in the third quarter worth $63,000. Geode Capital Management LLC increased its stake in shares of Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after buying an additional 3,338 shares during the period. Finally, LPL Financial LLC raised its holdings in Worksport by 225.2% during the 4th 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 last quarter. 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.