Worksport Ltd. (NASDAQ:WKSP) Short Interest Up 43.6% in March

Worksport Ltd. (NASDAQ:WKSP) saw a significant growth in short interest during 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. Based on an average daily trading volume, of 248,577 shares, the short-interest ratio is presently 2.2 days. Approximately 6.1% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Maxim Group set a $3.00 target price on Worksport in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a report on Monday, December 22nd. Two 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 company has a consensus rating of “Hold” and a consensus price target of $7.25.

Worksport Stock Performance

Shares of WKSP opened at $1.03 on Friday. The firm has a market capitalization of $10.06 million, a P/E ratio of -0.32 and a beta of 0.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 0.91. Worksport has a one year low of $0.90 and a one year high of $4.90. The business has a fifty day moving average of $1.55 and a 200 day moving average of $2.38.

Worksport (NASDAQ:WKSP) last posted its earnings results on Thursday, March 26th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.17). The firm had revenue of $4.74 million during the quarter, compared to the consensus estimate of $8.90 million. Worksport had a negative net margin of 120.20% and a negative return on equity of 101.46%. As a group, sell-side analysts anticipate that Worksport will post -0.6 EPS for the current year.

Hedge Funds Weigh In On Worksport

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in Worksport by 11.2% during the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after buying an additional 3,338 shares during the period. XTX Topco Ltd purchased a new stake in Worksport during the second quarter valued at approximately $50,000. Centiva Capital LP bought a new position in Worksport in the third quarter worth approximately $63,000. LPL Financial LLC raised its position in Worksport by 225.2% in the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after acquiring an additional 37,440 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Worksport by 255.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock worth $151,000 after acquiring an additional 51,000 shares during the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

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.