Worksport (NASDAQ:WKSP) Earns Buy Rating from Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of Worksport (NASDAQ:WKSP) in a research report released on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $1.50 target price on the stock.

Separately, Alliance Global Partners assumed coverage on Worksport in a research note on Monday, December 23rd. They issued a “buy” rating and a $2.00 price target on the stock.

Worksport Stock Performance

WKSP stock opened at $0.91 on Thursday. The company has a 50-day simple moving average of $0.81 and a 200 day simple moving average of $0.69. The company has a market capitalization of $29.98 million, a P/E ratio of -1.38 and a beta of 0.47. Worksport has a fifty-two week low of $0.36 and a fifty-two week high of $1.54. The company has a quick ratio of 0.91, a current ratio of 2.96 and a debt-to-equity ratio of 0.31.

Institutional Trading of Worksport

An institutional investor recently raised its position in Worksport stock. Armistice Capital LLC increased its position in shares of Worksport Ltd. (NASDAQ:WKSP) by 13.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,206,758 shares of the company’s stock after buying an additional 268,650 shares during the period. Armistice Capital LLC owned 7.76% of Worksport worth $1,719,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 16.11% of the company’s stock.

About Worksport

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.