Bank of New York Mellon Corp Takes Position in Forward Industries, Inc. $FWDI

Key Points

• Bank of New York Mellon acquired 175,121 shares of Forward Industries, worth approximately $739,000, giving it about a 0.23% stake. Several other institutional investors and hedge funds also recently initiated positions.
• Analyst sentiment is mixed but improving: B. Riley and Cantor Fitzgerald maintained positive ratings and raised price targets, while the overall consensus remains “Hold” with a $12.50 target price.
• Forward Industries recently traded at $6.55, but its latest quarterly results were weak, with an $0.80 loss per share versus expectations for $0.04 in earnings and revenue of $10.78 million.

Bank of New York Mellon Corp bought a new stake in shares of Forward Industries, Inc. (NASDAQ:FWDI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 175,121 shares of the company's stock, valued at approximately $739,000. Bank of New York Mellon Corp owned approximately 0.23% of Forward Industries as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of FWDI. Geode Capital Management LLC purchased a new position in Forward Industries during the 4th quarter worth approximately $5,350,000. Goldman Sachs Group Inc. acquired a new stake in shares of Forward Industries during the 4th quarter valued at about $540,000. State of Wyoming bought a new stake in Forward Industries in the fourth quarter worth approximately $189,000. Renaissance Technologies LLC bought a new stake in Forward Industries in the fourth quarter worth approximately $161,000. Finally, SkyBridge Capital II LLC acquired a new position in shares of Forward Industries during the 4th quarter worth $3,573,000.

Wall Street Analysts Forecast Growth

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

Forward Industries Trading Up 1.4%

Forward Industries stock opened at $6.55 on Friday. The firm has a market capitalization of $483.70 million, a P/E ratio of 54.58 and a beta of 0.88. Forward Industries, Inc. has a 1 year low of $3.48 and a 1 year high of $46.00. The business has a 50-day moving average of $4.90 and a 200-day moving average of $4.67.

Forward Industries (NASDAQ:FWDI - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $10.78 million during the quarter. Research analysts anticipate that Forward Industries, Inc. will post -0.4 EPS for the current fiscal year.

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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