Worksport (NASDAQ:WKSP) Stock Price Up 0.3% – What’s Next?

Worksport Ltd. (NASDAQ:WKSP)’s share price shot up 0.3% during mid-day trading on Friday . The company traded as high as $3.13 and last traded at $3.01. 209,355 shares changed hands during trading, a decline of 12% from the average session volume of 237,731 shares. The stock had previously closed at $3.00.

Wall Street Analyst Weigh In

WKSP has been the subject of several analyst reports. Wall Street Zen downgraded shares of Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 13th. HC Wainwright reiterated a “buy” rating and issued a $11.50 target price on shares of Worksport in a research note on Monday, September 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Worksport in a report on Monday. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Worksport Trading Up 0.3%

The business’s fifty day simple moving average is $2.93 and its 200 day simple moving average is $3.17. The company has a current ratio of 2.04, a quick ratio of 0.91 and a debt-to-equity ratio of 0.05. The stock has a market cap of $24.83 million, a P/E ratio of -1.20 and a beta of 0.31.

Worksport (NASDAQ:WKSP) last announced its earnings results on Thursday, November 13th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). Worksport had a negative return on equity of 93.38% and a negative net margin of 121.98%.The company had revenue of $5.01 million during the quarter, compared to the consensus estimate of $5.58 million. As a group, analysts expect that Worksport Ltd. will post -0.6 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Armistice Capital LLC acquired a new stake in shares of Worksport in the 1st quarter valued at $1,150,000. Centiva Capital LP bought a new position in Worksport in the third quarter valued at about $63,000. XTX Topco Ltd bought a new position in Worksport in the second quarter valued at about $50,000. Finally, Geode Capital Management LLC increased its position in 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 purchasing an additional 3,338 shares during the period. Institutional investors and hedge funds own 16.11% of the company’s stock.

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.