Worksport (NASDAQ:WKSP) Now Covered by Alliance Global Partners

Analysts at Alliance Global Partners started coverage on shares of Worksport (NASDAQ:WKSP) in a research note issued to investors on Monday,Benzinga reports. The brokerage set a “buy” rating and a $2.00 price target on the stock. Alliance Global Partners’ target price would indicate a potential upside of 139.64% from the company’s current price.

Worksport Price Performance

Shares of Worksport stock opened at $0.83 on Monday. The firm has a fifty day moving average price of $0.72 and a two-hundred day moving average price of $0.66. Worksport has a fifty-two week low of $0.36 and a fifty-two week high of $1.66. 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 company has a market cap of $27.49 million, a PE ratio of -1.26 and a beta of 0.51.

Hedge Funds Weigh In On Worksport

An institutional investor recently raised its position in Worksport stock. Armistice Capital LLC lifted its position in Worksport Ltd. (NASDAQ:WKSP) by 13.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,206,758 shares of the company’s stock after purchasing an additional 268,650 shares during the quarter. Armistice Capital LLC owned 7.76% of Worksport worth $1,719,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 16.11% of the company’s stock.

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.