Worksport (NASDAQ:WKSP) Price Target Raised to $11.50

Worksport (NASDAQ:WKSP) had its price objective hoisted by HC Wainwright from $1.50 to $11.50 in a research report released on Friday morning, Marketbeat reports. HC Wainwright currently has a buy rating on the stock.

A number of other research analysts also recently commented on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th. Industrial Alliance Securities set a $17.50 price target on shares of Worksport in a research report on Monday, March 3rd.

Worksport Stock Performance

Worksport stock opened at $3.48 on Friday. The stock has a fifty day moving average price of $7.04 and a 200 day moving average price of $7.00. Worksport has a 52 week low of $2.82 and a 52 week high of $12.00. The firm has a market capitalization of $11.46 million, a P/E ratio of -5.27 and a beta of 2.11. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Worksport

A number of institutional investors have recently added to or reduced their stakes in the company. Two Sigma Advisers LP purchased a new position in shares of Worksport in the 4th quarter worth about $29,000. Two Sigma Investments LP acquired a new stake in Worksport during the 4th quarter worth approximately $145,000. Jane Street Group LLC purchased a new position in Worksport in the fourth quarter valued at approximately $79,000. Northern Trust Corp lifted its position in Worksport by 136.1% during the fourth 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. Finally, Two Sigma Securities LLC grew its stake in Worksport by 483.7% during the fourth quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock worth $84,000 after buying an additional 75,878 shares during the 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.