Two Sigma Investments LP Takes Position in Worksport Ltd. (NASDAQ:WKSP)

Two Sigma Investments LP bought a new stake in shares of Worksport Ltd. (NASDAQ:WKSP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 157,901 shares of the company’s stock, valued at approximately $145,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp increased its position in Worksport by 136.1% during the 4th quarter. Northern Trust Corp now owns 39,612 shares of the company’s stock valued at $36,000 after purchasing an additional 22,832 shares during the period. Virtu Financial LLC purchased a new stake in shares of Worksport in the 4th quarter worth about $73,000. Jane Street Group LLC bought a new stake in shares of Worksport during the 4th quarter valued at about $79,000. Two Sigma Securities LLC increased its position in shares of Worksport by 483.7% during the fourth quarter. Two Sigma Securities LLC now owns 91,564 shares of the company’s stock valued at $84,000 after buying an additional 75,878 shares during the period. Finally, Geode Capital Management LLC raised its stake in Worksport by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 273,419 shares of the company’s stock worth $252,000 after buying an additional 36,847 shares in the last quarter. Hedge funds and other institutional investors own 16.11% of the company’s stock.

Worksport Trading Down 4.2%

NASDAQ:WKSP opened at $3.17 on Friday. Worksport Ltd. has a one year low of $2.44 and a one year high of $12.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.96 and a quick ratio of 0.91. The company’s 50-day simple moving average is $2.99 and its 200 day simple moving average is $5.84. The firm has a market capitalization of $16.48 million, a P/E ratio of -4.80 and a beta of 2.00.

Worksport (NASDAQ:WKSP) last announced its earnings results on Thursday, May 15th. The company reported ($1.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.05). Worksport had a negative net margin of 242.68% and a negative return on equity of 85.53%. The business had revenue of $2.24 million during the quarter, compared to the consensus estimate of $3.72 million. As a group, analysts forecast that Worksport Ltd. will post -0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on WKSP. Maxim Group cut their price objective on Worksport from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, May 20th. HC Wainwright restated a “buy” rating and issued a $11.50 target price on shares of Worksport in a research note on Friday, May 16th. Alliance Global Partners reaffirmed a “buy” rating on shares of Worksport in a research note on Tuesday, March 18th. Finally, Industrial Alliance Securities set a $17.50 price objective on Worksport in a report on Monday, March 3rd.

Worksport 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.