B. Riley Financial Cuts Forward Industries (NASDAQ:FWDI) Price Target to $7.00

Key Points

• B. Riley Financial lowered Forward Industries’ price target to $7.00 from $8.00 but maintained a “buy” rating, implying approximately 61.85% upside from the reported $4.33 share price.
• Analyst sentiment is mixed: Forward Industries has a consensus “hold” rating and an average price target of $7.50, with ratings ranging from buy to sell.
• The company reported a sharp quarterly loss of $0.80 per share, missing estimates by $0.84, on revenue of $10.78 million; analysts expect a full-year loss of $0.30 per share.

Forward Industries (NASDAQ:FWDI - Get Free Report) had its price target cut by stock analysts at B. Riley Financial from $8.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's price target would indicate a potential upside of 61.85% from the company's current price.

Several other equities research analysts also recently issued reports on FWDI. Cantor Fitzgerald lifted their price target on shares of Forward Industries from $7.90 to $8.00 and gave the stock an "overweight" rating in a research note on Thursday. Zacks Research upgraded Forward Industries to a "hold" rating in a research note on Monday, April 27th. Wall Street Zen cut Forward Industries from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Forward Industries has an average rating of "Hold" and a consensus price target of $7.50.

Forward Industries Stock Performance

Shares of NASDAQ:FWDI opened at $4.33 on Thursday. The business's 50-day simple moving average is $4.23 and its 200 day simple moving average is $4.63. The company has a market cap of $322.99 million, a P/E ratio of -2.11 and a beta of 0.81. 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 issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.84). Forward Industries had a negative net margin of 2,305.12% and a negative return on equity of 21.42%. The firm had revenue of $10.78 million during the quarter. Analysts predict that Forward Industries will post -0.3 earnings per share for the current year.

Institutional Trading of Forward Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. Galaxy Group Investments LLC acquired a new position in Forward Industries in the fourth quarter worth $53,595,000. J Digital 6 LLC acquired a new stake in shares of Forward Industries during the fourth quarter worth $52,535,000. Multicoin Capital Management LLC bought a new position in shares of Forward Industries in the 4th quarter worth about $52,535,000. Alyeska Investment Group L.P. bought a new position in shares of Forward Industries in the 4th quarter worth about $21,484,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Forward Industries in the 4th quarter valued at about $8,919,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source