Worksport Ltd. (NASDAQ:WKSP) Short Interest Down 20.3% in December

Worksport Ltd. (NASDAQ:WKSP) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 746,900 shares, a drop of 20.3% from the December 15th total of 937,000 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,650,000 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Worksport stock. Armistice Capital LLC increased its position in shares of Worksport Ltd. (NASDAQ:WKSP) by 13.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,206,758 shares of the company’s stock after purchasing an additional 268,650 shares during the quarter. 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.

Worksport Stock Up 1.5 %

NASDAQ:WKSP opened at $0.84 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 2.96. The company has a market capitalization of $27.65 million, a price-to-earnings ratio of -1.27 and a beta of 0.47. Worksport has a one year low of $0.36 and a one year high of $1.54. The stock has a 50-day simple moving average of $0.79 and a 200 day simple moving average of $0.69.

Analyst Ratings Changes

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

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.