Forward Industries, Inc. (NASDAQ:FWDI) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Forward Industries has a consensus “Hold” rating from five brokerages: three buys, one hold and one sell. The average 12-month price target is $7.50.
• Recent analyst actions were mixed, with B. Riley lowering its target to $7 while maintaining a buy rating, Cantor Fitzgerald raising its target to $8 with an overweight rating, and Wall Street Zen downgrading the stock to sell.
• FWDI shares rose 3.5% to $6.48, but the company reported a quarterly loss of $0.80 per share versus expectations for a $0.04 profit, alongside $10.78 million in revenue and sharply negative profitability metrics.

Shares of Forward Industries, Inc. (NASDAQ:FWDI - Get Free Report) have been given a consensus rating of "Hold" by the five brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $7.50.

A number of research firms have recently weighed in on FWDI. B. Riley Financial cut their price objective on shares of Forward Industries from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald raised their target price on shares of Forward Industries from $7.90 to $8.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Wall Street Zen cut shares of Forward Industries from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. B Riley reiterated a "buy" rating on shares of Forward Industries in a report on Thursday. Finally, Weiss Ratings raised Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 29th.

Institutional Trading of Forward Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC purchased a new stake in Forward Industries in the fourth quarter valued at approximately $43,000. Vontobel Holding Ltd. acquired a new position in Forward Industries during the fourth quarter worth approximately $78,000. SummitTX Capital L.P. purchased a new position in Forward Industries during the fourth quarter worth approximately $81,000. nVerses Capital LLC purchased a new position in Forward Industries during the fourth quarter worth approximately $99,000. Finally, Cetera Investment Advisers acquired a new position in shares of Forward Industries in the 4th quarter valued at $111,000.

Forward Industries Stock Up 3.5%

Shares of FWDI traded up $0.22 during trading hours on Thursday, reaching $6.48. 556,237 shares of the company traded hands, compared to its average volume of 1,120,156. The stock has a market capitalization of $478.62 million, a PE ratio of 53.77 and a beta of 0.88. The stock has a fifty day simple moving average of $4.59 and a 200 day simple moving average of $4.57. Forward Industries has a fifty-two week low of $3.48 and a fifty-two week high of $46.00.

Forward Industries (NASDAQ:FWDI - Get Free Report) last announced its earnings results 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). Forward Industries had a negative net margin of 2,073.82% and a negative return on equity of 18.05%. The firm had revenue of $10.78 million during the quarter. Research analysts predict that Forward Industries will post -0.4 EPS for the current fiscal year.

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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