Worksport Ltd. (NASDAQ:WKSP) Shares Shorted: Short Interest Down 64.8% in September

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

Wall Street Analysts Forecast Growth

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

Worksport Trading Down 0.3%

Shares of WKSP stock opened at $0.44 on Friday. Worksport has a fifty-two week low of $0.37 and a fifty-two week high of $3.90. The firm has a market capitalization of $6.75 million, a P/E ratio of -0.19 and a beta of 0.27. The stock’s fifty day moving average is $0.58 and its two-hundred day moving average is $0.83. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 3.79.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.11. The firm had revenue of $5.23 million for the quarter, compared to the consensus estimate of $4.50 million. Worksport had a negative net margin of 114.49% and a negative return on equity of 102.57%.

About Worksport

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.