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

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 66,000 shares, a drop of 91.5% from the February 28th total of 779,900 shares. Based on an average daily trading volume, of 128,200 shares, the days-to-cover ratio is currently 0.5 days. Currently, 1.5% of the shares of the stock are sold short.

Worksport Stock Performance

Shares of NASDAQ WKSP opened at $3.35 on Friday. Worksport has a 52-week low of $2.82 and a 52-week high of $12.00. The company has a quick ratio of 0.91, a current ratio of 2.96 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average price is $7.13 and its two-hundred day moving average price is $6.98. The stock has a market capitalization of $11.03 million, a P/E ratio of -5.08 and a beta of 2.11.

Hedge Funds Weigh In On Worksport

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WKSP shares. Industrial Alliance Securities set a $17.50 price target on Worksport in a report on Monday, March 3rd. Alliance Global Partners restated a “buy” rating on shares of Worksport in a report on Tuesday, March 18th. Finally, HC Wainwright began coverage on shares of Worksport in a research report on Thursday, January 23rd. They set a “buy” rating and a $15.00 price target for the company.

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.