Alliance Global Partners Initiates Coverage on Worksport (NASDAQ:WKSP)

Equities researchers at Alliance Global Partners started coverage on shares of Worksport (NASDAQ:WKSP) in a research report issued on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $2.00 price target on the stock. Alliance Global Partners’ price target would suggest a potential upside of 139.23% from the company’s previous close.

Worksport Trading Up 3.8 %

Shares of NASDAQ WKSP opened at $0.84 on Monday. The company has a market cap of $27.54 million, a price-to-earnings ratio of -1.27 and a beta of 0.51. The stock’s 50 day simple moving average is $0.73 and its 200 day simple moving average is $0.66. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. Worksport has a 12-month low of $0.36 and a 12-month high of $1.66.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Worksport stock. Armistice Capital LLC grew its holdings in shares of Worksport Ltd. (NASDAQ:WKSP) by 13.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,206,758 shares of the company’s stock after purchasing an additional 268,650 shares during the period. Armistice Capital LLC owned approximately 7.76% of Worksport worth $1,719,000 at the end of the most recent reporting period. 16.11% of the stock is owned by institutional investors.

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.