Worksport Stock Market Value
| WKSP Stock | USD 0.84 0.03 3.70% |
| Symbol | Worksport |
Worksport Price To Book Ratio
Is Automotive Parts & Equipment space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Worksport. If investors know Worksport will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Worksport listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share (0.66) | Revenue Per Share 0.179 | Quarterly Revenue Growth 8.615 | Return On Assets (0.35) | Return On Equity (0.80) |
The market value of Worksport is measured differently than its book value, which is the value of Worksport that is recorded on the company's balance sheet. Investors also form their own opinion of Worksport's value that differs from its market value or its book value, called intrinsic value, which is Worksport's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Worksport's market value can be influenced by many factors that don't directly affect Worksport's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Worksport's value and its price as these two are different measures arrived at by different means. Investors typically determine if Worksport is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Worksport's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Worksport 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Worksport's stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Worksport.
| 09/26/2024 |
| 12/25/2024 |
If you would invest 0.00 in Worksport on September 26, 2024 and sell it all today you would earn a total of 0.00 from holding Worksport or generate 0.0% return on investment in Worksport over 90 days. Worksport is related to or competes with Ford, GM, Goodyear Tire, Li Auto, Toyota, and ZEEKR Intelligent. Worksport Ltd., through its subsidiary, designs, manufactures, and distributes truck tonneau covers in Canada and the Un... More
Worksport Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Worksport's stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Worksport upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 6.91 | |||
| Information Ratio | 0.1577 | |||
| Maximum Drawdown | 45.22 | |||
| Value At Risk | (8.22) | |||
| Potential Upside | 16.67 |
Worksport Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Worksport's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Worksport's standard deviation. In reality, there are many statistical measures that can use Worksport historical prices to predict the future Worksport's volatility.| Risk Adjusted Performance | 0.1395 | |||
| Jensen Alpha | 1.27 | |||
| Total Risk Alpha | 0.9718 | |||
| Sortino Ratio | 0.1872 | |||
| Treynor Ratio | 0.7464 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Worksport's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Worksport Backtested Returns
Worksport is abnormally volatile given 3 months investment horizon. Worksport shows Sharpe Ratio of 0.17, which attests that the company had a 0.17% return per unit of risk over the last 3 months. We are able to interpolate and collect twenty-eight different technical indicators, which can help you to evaluate if expected returns of 1.44% are justified by taking the suggested risk. Use Worksport Mean Deviation of 6.02, downside deviation of 6.91, and Market Risk Adjusted Performance of 0.7564 to evaluate company specific risk that cannot be diversified away. Worksport holds a performance score of 13 on a scale of zero to a hundred. The firm maintains a market beta of 1.78, which attests to a somewhat significant risk relative to the market. As the market goes up, the company is expected to outperform it. However, if the market returns are negative, Worksport will likely underperform. Use Worksport sortino ratio, semi variance, as well as the relationship between the Semi Variance and rate of daily change , to analyze future returns on Worksport.
Auto-correlation | 0.53 |
Modest predictability
Worksport has modest predictability. Overlapping area represents the amount of predictability between Worksport time series from 26th of September 2024 to 10th of November 2024 and 10th of November 2024 to 25th of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Worksport price movement. The serial correlation of 0.53 indicates that about 53.0% of current Worksport price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.53 | |
| Spearman Rank Test | 0.37 | |
| Residual Average | 0.0 | |
| Price Variance | 0.02 |
Worksport lagged returns against current returns
Autocorrelation, which is Worksport stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Worksport's stock expected returns. We can calculate the autocorrelation of Worksport returns to help us make a trade decision. For example, suppose you find that Worksport has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Worksport regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Worksport stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Worksport stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Worksport stock over time.
Current vs Lagged Prices |
| Timeline |
Worksport Lagged Returns
When evaluating Worksport's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Worksport stock have on its future price. Worksport autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Worksport autocorrelation shows the relationship between Worksport stock current value and its past values and can show if there is a momentum factor associated with investing in Worksport.
Regressed Prices |
| Timeline |
Pair Trading with Worksport
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Worksport position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Worksport will appreciate offsetting losses from the drop in the long position's value.Moving against Worksport Stock
| 0.72 | HOG | Harley Davidson | PairCorr |
| 0.66 | FFIE | Faraday Future Intel Buyout Trend | PairCorr |
| 0.66 | FOXF | Fox Factory Holding | PairCorr |
| 0.61 | HMC | Honda Motor | PairCorr |
| 0.57 | LEA | Lear | PairCorr |
The ability to find closely correlated positions to Worksport could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Worksport when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Worksport - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Worksport to buy it.
The correlation of Worksport is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Worksport moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Worksport moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Worksport can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Additional Tools for Worksport Stock Analysis
When running Worksport's price analysis, check to measure Worksport's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Worksport is operating at the current time. Most of Worksport's value examination focuses on studying past and present price action to predict the probability of Worksport's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Worksport's price. Additionally, you may evaluate how the addition of Worksport to your portfolios can decrease your overall portfolio volatility.