Worksport (NASDAQ:WKSP) Coverage Initiated at HC Wainwright

Research analysts at HC Wainwright assumed coverage on shares of Worksport (NASDAQ:WKSP) in a research report issued on Thursday,Benzinga reports. The firm set a “buy” rating and a $1.50 price target on the stock. HC Wainwright’s target price suggests a potential upside of 56.25% from the company’s previous close.

Separately, Alliance Global Partners began coverage on shares of Worksport in a research report on Monday, December 23rd. They set a “buy” rating and a $2.00 price target on the stock.

Worksport Stock Performance

WKSP opened at $0.96 on Thursday. The firm has a market capitalization of $31.62 million, a PE ratio of -1.45 and a beta of 0.47. Worksport has a twelve month low of $0.36 and a twelve month high of $1.54. The firm’s 50-day moving average price is $0.80 and its 200 day moving average price is $0.69. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31.

Hedge Funds Weigh In On Worksport

A hedge fund recently raised its stake in Worksport stock. Armistice Capital LLC raised its position in Worksport Ltd. (NASDAQ:WKSP) by 13.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,206,758 shares of the company’s stock after purchasing an additional 268,650 shares during the quarter. Armistice Capital LLC owned about 7.76% of Worksport worth $1,719,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.