HC Wainwright Forecasts Strong Price Appreciation for Worksport (NASDAQ:WKSP) Stock

Worksport (NASDAQ:WKSP) had its target price boosted by investment analysts at HC Wainwright from $1.50 to $11.50 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 243.28% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Alliance Global Partners reiterated a “buy” rating on shares of Worksport in a research report on Tuesday, March 18th. Industrial Alliance Securities set a $17.50 target price on shares of Worksport in a report on Monday, March 3rd.

Worksport Trading Down 8.7 %

Shares of NASDAQ:WKSP opened at $3.35 on Friday. The stock has a 50 day moving average of $7.13 and a 200 day moving average of $6.98. The company has a market cap of $11.03 million, a PE ratio of -5.08 and a beta of 2.11. Worksport has a 12-month low of $2.82 and a 12-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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in shares of Worksport in the fourth quarter worth $73,000. Geode Capital Management LLC lifted its stake in Worksport by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 273,419 shares of the company’s stock worth $252,000 after purchasing an additional 36,847 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Worksport in the 4th quarter worth $397,000. Two Sigma Securities LLC boosted its holdings in shares of Worksport by 483.7% during the 4th quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock valued at $84,000 after purchasing an additional 75,878 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of 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 purchasing an additional 22,832 shares in the last quarter. 16.11% of the stock is currently 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.