Worksport Ltd. (NASDAQ:WKSP – Get Free Report) saw a significant decrease in short interest in December. As of December 31st, there was short interest totalling 746,900 shares, a decrease of 20.3% from the December 15th total of 937,000 shares. Based on an average daily volume of 1,650,000 shares, the short-interest ratio is presently 0.5 days. Approximately 2.5% of the shares of the stock are sold short.
Institutional Trading of Worksport
A hedge fund recently raised its stake in Worksport stock. Armistice Capital LLC boosted its stake in shares of Worksport Ltd. (NASDAQ:WKSP – Free Report) by 13.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,206,758 shares of the company’s stock after purchasing an additional 268,650 shares during the period. Armistice Capital LLC owned approximately 7.76% of Worksport worth $1,719,000 at the end of the most recent reporting period. Institutional investors own 16.11% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Alliance Global Partners began coverage on shares of Worksport in a research note on Monday, December 23rd. They set a “buy” rating and a $2.00 price objective for the company.
Worksport Price Performance
Worksport stock opened at $0.83 on Wednesday. The stock has a market capitalization of $27.24 million, a P/E ratio of -1.25 and a beta of 0.47. Worksport has a 12-month low of $0.36 and a 12-month high of $1.54. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.96 and a quick ratio of 0.91. The firm’s 50-day moving average is $0.79 and its two-hundred day moving average is $0.69.
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.
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