Worksport Ltd. (NASDAQ:WKSP) Short Interest Up 647.2% in August

Worksport Ltd. (NASDAQ:WKSP) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 1,038,600 shares, a growth of 647.2% from the August 15th total of 139,000 shares. Based on an average daily trading volume, of 18,258,210 shares, the short-interest ratio is currently 0.1 days. Currently, 7.2% of the shares of the company are sold short.

Worksport Stock Down 0.2%

WKSP stock opened at $0.46 on Friday. Worksport has a 52 week low of $0.44 and a 52 week high of $3.90. The company has a market capitalization of $7.04 million, a price-to-earnings ratio of -0.20 and a beta of 0.27. The firm’s 50-day moving average is $0.66 and its two-hundred day moving average is $0.89. The company has a current ratio of 3.79, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.11. Worksport had a negative net margin of 114.49% and a negative return on equity of 102.57%. The business had revenue of $5.23 million during the quarter, compared to analysts’ expectations of $4.50 million.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a research note on Wednesday, July 8th. Maxim Group set a $2.00 target price on Worksport and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen lowered Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Worksport has an average rating of “Hold” and a consensus target price of $6.75.

Hedge Funds Weigh In On Worksport

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Armistice Capital LLC bought a new stake in shares of Worksport in the 4th quarter worth $2,058,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Worksport by 255.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,000 shares of the company’s stock valued at $151,000 after buying an additional 51,000 shares during the period. Geode Capital Management LLC boosted its stake in Worksport by 23.1% during the fourth quarter. Geode Capital Management LLC now owns 68,205 shares of the company’s stock valued at $145,000 after buying an additional 12,779 shares in the last quarter. LPL Financial LLC grew its holdings in Worksport by 225.2% during the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after acquiring an additional 37,440 shares during the period. Finally, Centiva Capital LP acquired a new position in Worksport during the third quarter worth about $63,000. 16.11% of the stock is owned by institutional investors.

Worksport Company Profile

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.