Worksport (NASDAQ:WKSP) Stock Price Down 4.7%

Worksport Ltd. (NASDAQ:WKSP) shares traded down 4.7% on Tuesday . The company traded as low as $0.58 and last traded at $0.59. 241,826 shares were traded during mid-day trading, a decline of 22% from the average session volume of 310,556 shares. The stock had previously closed at $0.62.

Worksport Stock Performance

The stock’s 50 day moving average price is $0.71 and its 200-day moving average price is $0.74. The company has a market cap of $16.80 million, a PE ratio of -0.72 and a beta of 0.80.

Institutional Investors Weigh In On Worksport

A hedge fund recently raised its stake in Worksport stock. Armistice Capital LLC increased its position in Worksport Ltd. (NASDAQ:WKSP) by 13.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,206,758 shares of the company’s stock after buying an additional 268,650 shares during the quarter. Armistice Capital LLC owned 7.76% of Worksport worth $1,719,000 as of its most recent filing with the Securities & Exchange Commission. 16.11% of the stock is currently 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.