Wall Street Zen Upgrades Forward Industries (NASDAQ:FWDI) to Hold

Key Points

• Wall Street Zen upgraded Forward Industries from “sell” to “hold,” while analysts’ overall consensus remains “Hold” with an average price target of $12.50.
• Analyst opinions are mixed: three firms rate the stock a Buy, one rates it Hold, and one rates it Sell. Cantor Fitzgerald raised its price target to $16, while B. Riley increased its target to $9 and maintained a Buy rating.
• Forward Industries reported a significant quarterly loss, with EPS of $(0.80) versus the consensus estimate of $0.04, alongside $10.78 million in revenue and deeply negative profitability metrics.

Forward Industries (NASDAQ:FWDI - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on the company. B Riley reiterated a "buy" rating on shares of Forward Industries in a report on Thursday, September 3rd. Weiss Ratings upgraded Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 29th. Cantor Fitzgerald raised their price objective on Forward Industries from $8.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, B. Riley Financial lifted their target price on Forward Industries from $7.00 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $12.50.

Forward Industries Price Performance

Shares of FWDI stock opened at $6.55 on Friday. The stock has a market cap of $483.72 million, a P/E ratio of 54.58 and a beta of 0.88. The company has a fifty day moving average price of $4.90 and a two-hundred day moving average price of $4.67. Forward Industries has a one year low of $3.48 and a one year high of $46.00.

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

Institutional Trading of Forward Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC acquired a new position in Forward Industries in the 4th quarter valued at about $43,000. Vontobel Holding Ltd. bought a new stake in shares of Forward Industries during the fourth quarter worth approximately $78,000. SummitTX Capital L.P. bought a new stake in shares of Forward Industries during the fourth quarter worth approximately $81,000. nVerses Capital LLC acquired a new position in shares of Forward Industries in the fourth quarter valued at approximately $99,000. Finally, Cetera Investment Advisers acquired a new position in shares of Forward Industries in the fourth quarter valued at approximately $111,000.

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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