Forward Industries (NASDAQ:FWDI) Stock Price Expected to Rise, B. Riley Financial Analyst Says

Key Points

• B. Riley Financial raised Forward Industries’ price target from $7 to $9 and reiterated a “buy” rating, implying 36.88% upside from the previous close. Analysts overall maintain a “hold” consensus with an average target of $8.50.
• Forward Industries shares rose 5% to $6.58 on Thursday, with trading volume exceeding its average. The stock has traded between $3.48 and $46.00 over the past year.
• The company reported a quarterly loss of $0.80 per share, missing the $0.04 consensus estimate, on revenue of $10.78 million. Analysts expect a full-year loss of approximately $0.40 per share.

Forward Industries (NASDAQ:FWDI - Get Free Report) had its price objective hoisted by stock analysts at B. Riley Financial from $7.00 to $9.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's price target points to a potential upside of 36.88% from the company's previous close.

Other analysts have also recently issued reports about the stock. B Riley restated a "buy" rating on shares of Forward Industries in a research note on Thursday. Cantor Fitzgerald lifted their price objective on shares of Forward Industries from $7.90 to $8.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Wall Street Zen cut shares of Forward Industries from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Forward Industries currently has a consensus rating of "Hold" and an average target price of $8.50.

Forward Industries Stock Up 5.0%

FWDI traded up $0.32 during trading hours on Thursday, hitting $6.58. The stock had a trading volume of 2,026,379 shares, compared to its average volume of 1,128,847. Forward Industries has a 1 year low of $3.48 and a 1 year high of $46.00. The company's fifty day simple moving average is $4.59 and its 200 day simple moving average is $4.57. The stock has a market cap of $485.56 million, a PE ratio of 54.79 and a beta of 0.88.

Forward Industries (NASDAQ:FWDI - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.84). The business had revenue of $10.78 million for the quarter. Forward Industries had a negative net margin of 2,073.82% and a negative return on equity of 18.05%. As a group, equities analysts expect that Forward Industries will post -0.4 EPS for the current year.

Institutional Trading of Forward Industries

Several institutional investors and hedge funds have recently bought and sold shares of FWDI. Barclays PLC purchased a new stake in shares of Forward Industries in the fourth quarter worth $43,000. Vontobel Holding Ltd. bought a new position in Forward Industries in the 4th quarter worth about $78,000. SummitTX Capital L.P. bought a new position in Forward Industries in the 4th quarter worth about $81,000. nVerses Capital LLC purchased a new stake in shares of Forward Industries in the 4th quarter valued at about $99,000. Finally, Cetera Investment Advisers bought a new stake in shares of Forward Industries during the 4th quarter valued at about $111,000.

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.

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