HC Wainwright Issues Positive Forecast for Worksport (NASDAQ:WKSP) Stock Price

Worksport (NASDAQ:WKSP) had its price target raised by HC Wainwright from $1.50 to $11.50 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 243.28% from the company’s previous close.

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

Worksport Trading Down 8.7 %

NASDAQ:WKSP opened at $3.35 on Friday. The stock has a market cap of $11.03 million, a price-to-earnings ratio of -5.08 and a beta of 2.11. 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 company’s 50 day moving average price is $7.13 and its 200-day moving average price is $6.98. Worksport has a 52 week low of $2.82 and a 52 week high of $12.00.

Hedge Funds Weigh In On Worksport

Hedge funds and other institutional investors have recently modified their holdings of the company. Northern Trust Corp increased its position in Worksport by 136.1% during the fourth quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock valued at $36,000 after acquiring an additional 22,832 shares during the last quarter. Two Sigma Advisers LP bought a new stake in shares of Worksport during the 4th quarter valued at about $29,000. Geode Capital Management LLC increased its position in shares of Worksport by 15.6% during 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 stake in shares of Worksport by 483.7% in the 4th 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, Virtu Financial LLC purchased a new position in shares of Worksport in the fourth quarter worth approximately $73,000. 16.11% of the stock is owned by institutional investors.

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.