Short Interest in Worksport Ltd. (NASDAQ:WKSP) Decreases By 91.5%

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

Analyst Ratings Changes

A number of analysts have issued reports on WKSP shares. Industrial Alliance Securities set a $17.50 price target on Worksport in a report on Monday, March 3rd. HC Wainwright started coverage on shares of Worksport in a report on Thursday, January 23rd. They issued a “buy” rating and a $15.00 target price for the company. Finally, Alliance Global Partners reissued a “buy” rating on shares of Worksport in a report on Tuesday, March 18th.

Hedge Funds Weigh In On Worksport

A number of large investors have recently bought and sold shares of WKSP. Virtu Financial LLC acquired a new stake in shares of Worksport in the 4th quarter worth about $73,000. Geode Capital Management LLC increased its holdings in shares of Worksport by 15.6% during the fourth 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 during the period. Renaissance Technologies LLC bought a new stake in shares of Worksport during the fourth quarter valued at about $397,000. Two Sigma Securities LLC lifted its holdings 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 during the period. Finally, Northern Trust Corp grew its position in Worksport by 136.1% in the 4th quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock valued at $36,000 after buying an additional 22,832 shares in the last quarter. Institutional investors own 16.11% of the company’s stock.

Worksport Stock Down 2.7 %

Shares of NASDAQ:WKSP opened at $3.67 on Thursday. The company has a quick ratio of 0.91, a current ratio of 2.96 and a debt-to-equity ratio of 0.31. Worksport has a 52-week low of $3.15 and a 52-week high of $12.00. The company has a 50 day moving average of $7.23 and a two-hundred day moving average of $7.00. The company has a market capitalization of $12.09 million, a price-to-earnings ratio of -5.56 and a beta of 2.11.

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.