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

Alliance Global Partners started coverage on shares of Worksport (NASDAQ:WKSP) in a research note published on Monday,Benzinga reports. The brokerage issued a buy rating and a $2.00 price objective on the stock.

Worksport Price Performance

NASDAQ WKSP opened at $0.81 on Monday. Worksport has a fifty-two week low of $0.36 and a fifty-two week high of $1.66. The stock’s 50-day moving average is $0.72 and its two-hundred day moving average is $0.66. The firm has a market cap of $26.53 million, a P/E ratio of -1.22 and a beta of 0.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.96 and a quick ratio of 0.91.

Institutional Investors Weigh In On Worksport

An institutional investor recently raised its stake 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 fund owned 2,206,758 shares of the company’s stock after buying 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 filing with the Securities and Exchange Commission. 16.11% of the stock is owned by hedge funds and other institutional investors.

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.