Maxim Group Cuts Worksport (NASDAQ:WKSP) Price Target to $7.00

Worksport (NASDAQ:WKSP) had its price objective reduced by Maxim Group from $9.00 to $7.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s target price suggests a potential upside of 168.20% from the company’s previous close.

WKSP has been the subject of several other research reports. Industrial Alliance Securities set a $17.50 target price on shares of Worksport in a research report on Monday, March 3rd. HC Wainwright reaffirmed a “buy” rating and set a $11.50 price objective on shares of Worksport in a research note on Friday, May 16th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Worksport in a report on Tuesday, March 18th.

Worksport Stock Performance

Worksport stock opened at $2.61 on Tuesday. The company has a market cap of $12.88 million, a PE ratio of -3.95 and a beta of 2.01. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. Worksport has a 1 year low of $2.44 and a 1 year high of $12.00. The company’s 50-day moving average is $3.14 and its two-hundred day moving average is $6.26.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($1.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.05). Worksport had a negative net margin of 242.68% and a negative return on equity of 85.53%. The business had revenue of $2.24 million during the quarter, compared to the consensus estimate of $3.72 million. Equities analysts anticipate that Worksport will post -0.6 earnings per share for the current year.

Institutional Investors Weigh In On Worksport

Several hedge funds have recently bought and sold shares of the company. Armistice Capital LLC acquired a new position in shares of Worksport in the 1st quarter valued at $1,150,000. IFP Advisors Inc bought a new position in Worksport during the first quarter worth about $25,000. Two Sigma Advisers LP acquired a new position in Worksport in the fourth quarter valued at about $29,000. Two Sigma Investments LP bought a new stake in shares of Worksport in the fourth quarter worth about $145,000. Finally, Jane Street Group LLC bought a new stake in shares of Worksport in the fourth quarter worth about $79,000. 16.11% of the stock is currently owned by institutional investors and hedge funds.

About Worksport

Worksport Ltd., through its subsidiary, designs and distributes truck tonneau covers in Canada and the United States. The company offers soft tonneau covers, such as vinyl wrapped tri- and quad-fold tonneau covers; and hard tonneau covers, including tri- and quad-fold aluminum covers. It also offers energy products, such as Worksport SOLIS, a tonneau cover with integrated solar panels; and Worksport COR energy storage system, a modular, portable power station.