Worksport Ltd. (NASDAQ:WKSP) Short Interest Down 91.5% in March

Worksport Ltd. (NASDAQ:WKSP) was the target of a large 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. Approximately 1.5% of the company’s stock are short sold. Based on an average trading volume of 128,200 shares, the short-interest ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on WKSP shares. Industrial Alliance Securities set a $17.50 price objective on shares of Worksport in a report on Monday, March 3rd. Alliance Global Partners reissued a “buy” rating on shares of Worksport in a report on Tuesday, March 18th. Finally, HC Wainwright initiated 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.

Institutional Trading of Worksport

Several large investors have recently modified their holdings of the business. Renaissance Technologies LLC acquired a new position in shares of Worksport during the 4th quarter valued at about $397,000. Geode Capital Management LLC grew its holdings in Worksport by 15.6% in the fourth 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 period. Two Sigma Investments LP acquired a new position in Worksport during the fourth quarter worth approximately $145,000. Two Sigma Securities LLC raised its stake in Worksport by 483.7% during the fourth quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock worth $84,000 after purchasing an additional 75,878 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of Worksport in the 4th quarter valued at $79,000. 16.11% of the stock is currently owned by institutional investors and hedge funds.

Worksport Price Performance

Shares of NASDAQ:WKSP traded down $0.10 during midday trading on Wednesday, hitting $3.67. 90,906 shares of the stock were exchanged, compared to its average volume of 85,809. Worksport has a twelve month low of $3.15 and a twelve month high of $12.00. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average price of $7.32 and a 200-day moving average price of $7.03. The stock has a market cap of $12.09 million, a P/E ratio of -5.56 and a beta of 2.11.

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.