Short Interest in Worksport Ltd. (NASDAQ:WKSP) Rises By 33.5%

Worksport Ltd. (NASDAQ:WKSP) was the recipient of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 922,600 shares, an increase of 33.5% from the October 15th total of 691,200 shares. Based on an average daily volume of 353,700 shares, the short-interest ratio is presently 2.6 days. Approximately 3.3% of the shares of the stock are short sold.

Institutional Investors Weigh In On Worksport

A hedge fund recently raised its stake in Worksport stock. Armistice Capital LLC boosted its position in shares of Worksport Ltd. (NASDAQ:WKSP) by 13.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,206,758 shares of the company’s stock after purchasing an additional 268,650 shares during the period. Armistice Capital LLC owned about 7.76% of Worksport worth $1,719,000 at the end of the most recent quarter. Institutional investors own 16.11% of the company’s stock.

Worksport Stock Down 15.8 %

NASDAQ WKSP opened at $0.73 on Friday. Worksport has a 1-year low of $0.36 and a 1-year high of $1.97. The company has a market capitalization of $22.66 million, a price-to-earnings ratio of -0.98 and a beta of 0.66. The stock’s 50 day moving average is $0.59 and its two-hundred day moving average is $0.65. The company has a current ratio of 4.77, a quick ratio of 1.93 and a debt-to-equity ratio of 0.28.

Worksport (NASDAQ:WKSP) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.15) EPS for the quarter. Worksport had a negative net margin of 410.82% and a negative return on equity of 84.45%. The company had revenue of $1.92 million during the quarter.

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.