B. Riley Financial Begins Coverage on Forward Industries (NASDAQ:FWDI)

Equities researchers at B. Riley Financial initiated coverage on shares of Forward Industries (NASDAQ:FWDI) in a research note issued on Thursday. The brokerage set a “buy” rating and a $7.00 price target on the stock. B. Riley Financial’s target price would suggest a potential upside of 42.28% from the company’s current price.

FWDI has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forward Industries in a research report on Friday, December 26th. Wall Street Zen raised shares of Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Forward Industries currently has an average rating of “Hold” and an average target price of $7.00.

Forward Industries Stock Performance

NASDAQ:FWDI opened at $4.92 on Thursday. The business’s 50-day moving average price is $4.67. Forward Industries has a 1-year low of $4.03 and a 1-year high of $46.00. The company has a market capitalization of $409.05 million, a PE ratio of -1.32 and a beta of 0.77.

Institutional Trading of Forward Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC bought a new position in Forward Industries during the 4th quarter worth approximately $909,000. Geode Capital Management LLC acquired a new stake in shares of Forward Industries during the fourth quarter worth $5,350,000. Goldman Sachs Group Inc. bought a new position in Forward Industries during the fourth quarter worth $540,000. State of Wyoming bought a new position in Forward Industries during the fourth quarter worth $189,000. Finally, Renaissance Technologies LLC acquired a new position in Forward Industries in the fourth quarter valued at $161,000.

About Forward Industries

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.