Worksport Ltd. (NASDAQ:WKSP) Sees Significant Increase in Short Interest

Worksport Ltd. (NASDAQ:WKSP) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 922,600 shares, a growth of 33.5% from the October 15th total of 691,200 shares. Based on an average daily volume of 353,700 shares, the days-to-cover ratio is currently 2.6 days. Approximately 3.3% of the company’s stock are short sold.

Worksport Stock Down 9.1 %

Shares of Worksport stock opened at $0.67 on Friday. The company has a 50-day simple moving average of $0.59 and a two-hundred day simple moving average of $0.65. The stock has a market capitalization of $20.60 million, a PE ratio of -1.11 and a beta of 0.66. Worksport has a 52-week low of $0.36 and a 52-week high of $1.97. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.93 and a current ratio of 4.77.

Worksport (NASDAQ:WKSP) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.15) earnings per share (EPS) for the quarter. The business had revenue of $1.92 million during the quarter. Worksport had a negative net margin of 242.68% and a negative return on equity of 82.82%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Worksport stock. Armistice Capital LLC boosted its holdings in Worksport Ltd. (NASDAQ:WKSP) by 13.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,206,758 shares of the company’s stock after buying an additional 268,650 shares during the quarter. Armistice Capital LLC owned 7.76% of Worksport worth $1,719,000 at the end of the most recent quarter. 16.11% of the stock is currently owned by institutional investors and hedge funds.

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.