Forward Industries, Inc. (NASDAQ:FWDI – Get Free Report) was the target of a large growth in short interest in June. As of June 30th, there was short interest totaling 4,568,390 shares, a growth of 92.2% from the June 15th total of 2,376,503 shares. Based on an average daily trading volume, of 2,225,474 shares, the short-interest ratio is presently 2.1 days. Approximately 7.3% of the shares of the stock are sold short.
Forward Industries Stock Performance
NASDAQ FWDI traded down $0.23 on Friday, reaching $4.01. 1,165,208 shares of the stock traded hands, compared to its average volume of 1,045,617. Forward Industries has a 12 month low of $3.48 and a 12 month high of $46.00. The company has a fifty day moving average price of $4.39 and a 200-day moving average price of $5.09. The company has a market cap of $299.47 million, a price-to-earnings ratio of -1.96 and a beta of 0.79.
Analysts Set New Price Targets
Several research firms have recently issued reports on FWDI. Wall Street Zen upgraded shares of Forward Industries from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Zacks Research upgraded shares of Forward Industries to a “hold” rating in a report on Monday, April 27th. B. Riley Financial restated a “buy” rating on shares of Forward Industries in a research report on Friday, May 15th. Weiss Ratings downgraded shares of Forward Industries from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 9th. Finally, Cantor Fitzgerald upgraded Forward Industries to a “strong-buy” rating in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.45.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aristides Capital LLC acquired a new stake in Forward Industries in the 4th quarter worth approximately $180,000. Galaxy Group Investments LLC purchased a new position in shares of Forward Industries during the fourth quarter worth $53,595,000. XTX Topco Ltd acquired a new position in shares of Forward Industries in the 4th quarter valued at about $419,000. nVerses Capital LLC acquired a new position in Forward Industries in the fourth quarter valued at approximately $99,000. Finally, SummitTX Capital L.P. acquired a new position in shares of Forward Industries in the 4th quarter valued at $81,000.
Forward Industries Company Profile
Forward Industries, Inc is a company that designs, manufactures and markets protective solutions and accessories for portable electronic devices. Its product range typically includes protective cases, covers, sleeves, holsters and carrying solutions tailored for smartphones, tablets and other consumer electronics, along with related accessory items. The company combines industrial design and materials engineering to produce products that protect devices from impact, abrasion and everyday wear.
The business model centers on product design, sourcing and distribution for retail, wholesale and original equipment manufacturer (OEM) channels.
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