Forward Industries (NASDAQ:FORD) Stock Passes Above 200 Day Moving Average – Here’s Why

Forward Industries, Inc. (NASDAQ:FORD)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.08 and traded as high as $8.25. Forward Industries shares last traded at $7.02, with a volume of 32,954 shares.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Forward Industries in a research note on Friday. They issued a “hold” rating on the stock.

Forward Industries Trading Down 13.0%

The firm has a 50-day simple moving average of $5.49 and a 200-day simple moving average of $5.08.

Forward Industries (NASDAQ:FORD) last posted its earnings results on Wednesday, May 14th. The textile maker reported ($1.65) earnings per share (EPS) for the quarter. Forward Industries had a negative net margin of 7.77% and a negative return on equity of 227.10%. The company had revenue of $3.12 million during the quarter.

Hedge Funds Weigh In On Forward Industries

An institutional investor recently bought a new position in Forward Industries stock. Citadel Advisors LLC bought a new stake in Forward Industries, Inc. (NASDAQ:FORD) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 10,705 shares of the textile maker’s stock, valued at approximately $53,000. Citadel Advisors LLC owned about 0.97% of Forward Industries at the end of the most recent reporting period.

Forward Industries Company Profile

Forward Industries, Inc, together with its subsidiaries, designs, manufactures, sources, markets, and distributes carry and protective solutions. The company operates in two segments: OEM Distribution and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various other portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS location devices, tablets, and firearms.