Short Interest in Worksport Ltd. (NASDAQ:WKSP) Expands By 20.8%

Worksport Ltd. (NASDAQ:WKSP) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 665,333 shares, an increase of 20.8% from the March 15th total of 550,591 shares. Approximately 6.1% of the shares of the company are sold short. Based on an average trading volume of 487,820 shares, the days-to-cover ratio is currently 1.4 days.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WKSP shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research note on Friday, April 10th. Maxim Group set a $3.00 price objective on Worksport in a research note on Friday, February 13th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Worksport has a consensus rating of “Hold” and an average target price of $7.25.

Worksport Trading Up 1.0%

WKSP stock opened at $1.00 on Friday. Worksport has a 1-year low of $0.83 and a 1-year high of $4.90. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.50 and a quick ratio of 1.08. The company has a market capitalization of $11.89 million, a price-to-earnings ratio of -0.31 and a beta of 0.24. The business has a 50 day simple moving average of $1.27 and a two-hundred day simple moving average of $2.14.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Thursday, March 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.17). Worksport had a negative return on equity of 96.64% and a negative net margin of 120.20%.The business had revenue of $4.74 million during the quarter, compared to the consensus estimate of $8.90 million. Research analysts anticipate that Worksport will post -0.6 EPS for the current fiscal year.

Insider Activity

In related news, CEO Steven F. Rossi acquired 88,214 shares of the business’s stock in a transaction that occurred on Monday, April 13th. The stock was bought at an average cost of $0.85 per share, for a total transaction of $74,981.90. Following the purchase, the chief executive officer owned 2,614,085 shares in the company, valued at $2,221,972.25. The trade was a 3.49% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC bought a new position in Worksport in the 4th quarter worth approximately $2,058,000. Steward Partners Investment Advisory LLC boosted its stake in Worksport by 255.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock worth $151,000 after purchasing an additional 51,000 shares during the period. Geode Capital Management LLC boosted its stake in Worksport by 23.1% in the 4th quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock worth $145,000 after purchasing an additional 12,779 shares during the period. LPL Financial LLC boosted its stake in Worksport by 225.2% in the 4th quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares during the period. Finally, Centiva Capital LP bought a new position in Worksport in the 3rd quarter worth approximately $63,000. 16.11% of the stock is currently owned by institutional investors.

About Worksport

Worksport Ltd. is an Israeli-based designer, developer and global supplier of innovative automotive accessories, with a primary focus on pickup truck bed covers. The company’s core offerings include a range of hard and soft tonneau covers under brands such as ROLL, FLEXIT and SOLAR, engineered to provide truck owners with enhanced utility, security and weather protection. Worksport leverages advanced polymer materials and patented folding mechanisms to deliver lightweight, durable solutions that are easy to install and operate.

In recent years, Worksport has expanded its product portfolio to incorporate solar technology, introducing integrated solar tonneau covers capable of generating power for auxiliary truck systems or charging batteries for recreational and off-grid applications.