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

Alliance Global Partners started coverage on shares of Worksport (NASDAQ:WKSP) in a research report issued on Monday,Benzinga reports. The firm set a “buy” rating and a $2.00 price target on the stock. Alliance Global Partners’ target price indicates a potential upside of 139.64% from the company’s previous close.

Worksport Stock Up 1.0 %

NASDAQ WKSP opened at $0.83 on Monday. Worksport has a 1-year low of $0.36 and a 1-year high of $1.66. The company has a current ratio of 2.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average is $0.72 and its two-hundred day moving average is $0.66. The company has a market capitalization of $27.49 million, a price-to-earnings ratio of -1.26 and a beta of 0.51.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Worksport stock. Armistice Capital LLC increased its position in shares of Worksport Ltd. (NASDAQ:WKSP) by 13.9% in the second quarter, according to its most recent 13F filing with the Securities & 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 approximately 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 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.