HC Wainwright Forecasts Strong Price Appreciation for Worksport (NASDAQ:WKSP) Stock

Worksport (NASDAQ:WKSP) had its price target upped by stock analysts at HC Wainwright from $1.50 to $11.50 in a research report issued on Friday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 230.46% from the stock’s current price.

WKSP has been the topic of a number of other reports. Industrial Alliance Securities set a $17.50 target price on shares of Worksport in a research note on Monday, March 3rd. Alliance Global Partners reaffirmed a “buy” rating on shares of Worksport in a report on Tuesday, March 18th.

Worksport Price Performance

Shares of NASDAQ:WKSP opened at $3.48 on Friday. The company has a market capitalization of $11.46 million, a P/E ratio of -5.27 and a beta of 2.11. The company’s 50-day moving average is $7.04 and its 200 day moving average is $6.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 2.96. Worksport has a fifty-two week low of $2.82 and a fifty-two week high of $12.00.

Hedge Funds Weigh In On Worksport

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its stake in Worksport by 136.1% during the fourth quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock worth $36,000 after purchasing an additional 22,832 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Worksport during the 4th quarter valued at about $29,000. Geode Capital Management LLC lifted its position in Worksport by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 273,419 shares of the company’s stock worth $252,000 after buying an additional 36,847 shares during the last quarter. Two Sigma Securities LLC boosted its stake in Worksport by 483.7% in the fourth quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock worth $84,000 after buying an additional 75,878 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Worksport during the fourth quarter valued at approximately $73,000. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Worksport Company Profile

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.