Worksport Ltd. (NASDAQ:WKSP) Sees Large Drop in Short Interest

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

Institutional Trading of Worksport

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in Worksport during the 4th quarter valued at $397,000. Geode Capital Management LLC raised 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 in the last quarter. Two Sigma Investments LP bought a new position in shares of Worksport during the fourth quarter worth about $145,000. Two Sigma Securities LLC grew its stake in 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 purchasing an additional 75,878 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Worksport in the fourth quarter valued at about $79,000. Institutional investors own 16.11% of the company’s stock.

Wall Street Analyst Weigh In

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

Worksport Stock Down 2.7 %

NASDAQ WKSP traded down $0.10 during mid-day trading on Wednesday, reaching $3.67. 90,906 shares of the company’s stock traded hands, compared to its average volume of 85,809. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. Worksport has a 1-year low of $3.15 and a 1-year high of $12.00. The company has a fifty day simple moving average of $7.32 and a 200-day simple moving average of $7.03. The company has a market cap of $12.09 million, a price-to-earnings ratio of -5.56 and a beta of 2.11.

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.