ParaFi Capital LP Takes $684,000 Position in Forward Industries, Inc. $FWDI

Key Points

• ParaFi Capital LP purchased 162,164 shares of Forward Industries valued at approximately $684,000, representing about 0.22% of the company and 0.2% of ParaFi’s portfolio.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a consensus price target of $7.50, with recent targets ranging from $7.00 to $8.00.
• Forward Industries reported a significant quarterly loss, posting $(0.80) EPS versus the $0.04 consensus on $10.78 million in revenue. Shares opened at $6.26, while the company maintains a market capitalization of roughly $462 million.

ParaFi Capital LP purchased a new position in shares of Forward Industries, Inc. (NASDAQ:FWDI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 162,164 shares of the company's stock, valued at approximately $684,000. Forward Industries comprises 0.2% of ParaFi Capital LP's investment portfolio, making the stock its 18th biggest holding. ParaFi Capital LP owned about 0.22% of Forward Industries at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Galaxy Group Investments LLC purchased a new position in Forward Industries in the 4th quarter valued at $53,595,000. J Digital 6 LLC purchased a new position in Forward Industries during the 4th quarter worth $52,535,000. Multicoin Capital Management LLC acquired a new stake in shares of Forward Industries in the 4th quarter worth $52,535,000. Alyeska Investment Group L.P. acquired a new stake in shares of Forward Industries in the 4th quarter worth $21,484,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in shares of Forward Industries in the fourth quarter valued at about $8,919,000.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. B. Riley Financial cut their price target on shares of Forward Industries from $8.00 to $7.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Weiss Ratings raised Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 29th. Wall Street Zen cut Forward Industries from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Cantor Fitzgerald increased their target price on Forward Industries from $7.90 to $8.00 and gave the stock an "overweight" rating in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $7.50.

Forward Industries Trading Up 0.8%

NASDAQ:FWDI opened at $6.26 on Thursday. Forward Industries, Inc. has a twelve month low of $3.48 and a twelve month high of $46.00. The company has a market capitalization of $462.30 million, a P/E ratio of 52.17 and a beta of 0.88. The firm has a 50-day moving average price of $4.59 and a two-hundred day moving average price of $4.57.

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 company had revenue of $10.78 million during the quarter. On average, equities research analysts predict that Forward Industries, Inc. will post -0.4 earnings per share for the current 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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