Worksport (NASDAQ:WKSP) Downgraded by Maxim Group to “Hold”

Worksport (NASDAQ:WKSP) was downgraded by stock analysts at Maxim Group from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Benzinga reports.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Worksport in a research report on Friday, October 2nd. Wall Street Zen cut Worksport from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Worksport Stock Performance

Shares of WKSP stock opened at $0.29 on Friday. The stock has a market cap of $5.84 million, a PE ratio of -0.13 and a beta of 0.41. The stock has a 50-day moving average of $0.45 and a 200-day moving average of $0.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.79 and a quick ratio of 0.72. Worksport has a one year low of $0.29 and a one year high of $3.20.

Worksport (NASDAQ:WKSP) last posted its earnings results on Tuesday, August 11th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.11. Worksport had a negative return on equity of 102.57% and a negative net margin of 114.49%. The firm had revenue of $5.23 million for the quarter, compared to analyst estimates of $4.50 million.

About Worksport

Worksport Ltd. (NASDAQ: WKSP) develops and manufactures tonneau covers and related products for pickup trucks. Its covers are designed to protect cargo, improve vehicle utility, and provide an alternative to conventional truck-bed coverings. The company serves the automotive aftermarket and targets owners of pickup trucks across North America.

Worksport’s product portfolio includes hard and soft folding tonneau covers, including its COR line of hard-shell covers. The company is also developing SOLIS, a solar-integrated tonneau cover designed to generate electricity from sunlight, and COR battery-related products intended to store and supply portable power.