Worksport Ltd. (NASDAQ:WKSP) Stock Short Interest Drops 64.8%

Worksport Ltd. (NASDAQ:WKSP) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totaling 365,506 shares, a decline of 64.8% from the August 31st total of 1,038,600 shares. Approximately 2.5% of the shares of the company are short sold. Based on an average daily volume of 443,614 shares, the short-interest ratio is presently 0.8 days.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen cut shares of Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Worksport currently has an average rating of “Hold” and a consensus target price of $6.75.

Worksport Trading Down 0.3%

Shares of NASDAQ:WKSP opened at $0.44 on Friday. The company has a quick ratio of 0.72, a current ratio of 3.79 and a debt-to-equity ratio of 0.26. Worksport has a 52-week low of $0.37 and a 52-week high of $3.90. The stock has a market cap of $6.75 million, a price-to-earnings ratio of -0.19 and a beta of 0.27. The business has a 50-day moving average price of $0.58 and a 200-day moving average price of $0.83.

Worksport (NASDAQ:WKSP) last issued its earnings results on Tuesday, August 11th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.11. Worksport had a negative return on equity of 102.57% and a negative net margin of 114.49%.The firm had revenue of $5.23 million for the quarter, compared to analyst estimates of $4.50 million.

Worksport Company Profile

Worksport Ltd. (NASDAQ: WKSP) develops and manufactures tonneau covers and related accessories for pickup trucks. Its products are designed to protect cargo, improve vehicle utility, and provide a finished appearance while maintaining access to the truck bed.

The company’s product portfolio includes hard-shell and soft-folding tonneau covers, including its COR and SC4 product lines. Worksport is also developing SOLIS, a tonneau cover designed to incorporate solar technology for generating electricity, along with the optional COR battery system intended to store and provide power for compatible uses.

Worksport was founded in 2011 and is headquartered in West Seneca, New York.