Worksport (NASDAQ:WKSP) Stock Moved Down to Hold by Maxim Group

Worksport (NASDAQ:WKSP) was downgraded by equities researchers at Maxim Group from a “buy” rating to a “hold” rating in a research note issued on Friday, Benzinga reports.

Other analysts also recently issued research reports about the company. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research note on Friday, October 2nd. Wall Street Zen downgraded shares of Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $2.00.

Worksport Stock Performance

Shares of Worksport stock opened at $0.29 on Friday. The business has a fifty day simple moving average of $0.45 and a 200-day simple moving average of $0.94. The stock has a market cap of $5.84 million, a PE ratio of -0.13 and a beta of 0.41. The company has a quick ratio of 0.72, a current ratio of 3.79 and a debt-to-equity ratio of 0.26. Worksport has a 12 month low of $0.29 and a 12 month high of $3.20.

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

About Worksport

Worksport Ltd. (NASDAQ: WKSP) develops and manufactures tonneau covers and related products for pickup trucks. Its covers are designed to protect cargo, improve vehicle utility, and provide an alternative to conventional truck-bed coverings. The company serves the automotive aftermarket and targets owners of pickup trucks across North America.

Worksport’s product portfolio includes hard and soft folding tonneau covers, including its COR line of hard-shell covers. The company is also developing SOLIS, a solar-integrated tonneau cover designed to generate electricity from sunlight, and COR battery-related products intended to store and supply portable power.