Short Interest in Worksport Ltd. (NASDAQ:WKSP) Rises By 460.2%

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 369,700 shares, an increase of 460.2% from the March 15th total of 66,000 shares. Approximately 8.4% of the company’s stock are sold short. Based on an average daily trading volume, of 151,600 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

WKSP has been the topic of several analyst reports. HC Wainwright upped their price objective on Worksport from $1.50 to $11.50 and gave the company a “buy” rating in a research report on Friday, March 28th. Industrial Alliance Securities set a $17.50 price objective on Worksport in a report on Monday, March 3rd. Finally, Alliance Global Partners restated a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th.

Institutional Investors Weigh In On Worksport

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Two Sigma Advisers LP bought a new position in shares of Worksport in the fourth quarter worth approximately $29,000. Northern Trust Corp boosted its holdings in Worksport by 136.1% in the 4th quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock worth $36,000 after buying an additional 22,832 shares during the period. Virtu Financial LLC purchased a new stake in Worksport in the 4th quarter worth $73,000. Jane Street Group LLC bought a new stake in Worksport during the fourth quarter valued at about $79,000. Finally, Two Sigma Securities LLC lifted its position in shares of Worksport by 483.7% in the fourth quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock valued at $84,000 after acquiring an additional 75,878 shares in the last quarter. 16.11% of the stock is owned by hedge funds and other institutional investors.

Worksport Stock Performance

NASDAQ:WKSP traded down $0.02 during mid-day trading on Monday, hitting $3.15. 25,748 shares of the company traded hands, compared to its average volume of 98,660. The company has a quick ratio of 0.91, a current ratio of 2.96 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average price is $5.56 and its 200-day moving average price is $6.87. The firm has a market cap of $15.10 million, a price-to-earnings ratio of -4.77 and a beta of 2.07. Worksport has a one year low of $2.76 and a one year high of $12.00.

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.