Forward Industries, Inc. (NASDAQ:FWDI) Short Interest Update

Key Points

• Short interest in Forward Industries surged sharply in June, rising 92.2% to 4,568,390 shares as of June 30. That represents 7.3% of the float and a days-to-cover ratio of 2.1.
• FWDI shares were down 1.2% on Thursday to $4.24, with trading volume below average. The stock remains far below its 52-week high of $46.00 and sits under both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans positive, with an average rating of “Moderate Buy” and a consensus price target of $7.45. Recent ratings included buy, hold, strong-buy, and sell calls from different firms.

Forward Industries, Inc. (NASDAQ:FWDI - Get Free Report) saw a large increase in short interest in June. As of June 30th, there was short interest totaling 4,568,390 shares, an increase of 92.2% from the June 15th total of 2,376,503 shares. Based on an average daily trading volume, of 2,225,474 shares, the days-to-cover ratio is currently 2.1 days. Currently, 7.3% of the shares of the stock are sold short.

Forward Industries Trading Down 1.2%

FWDI stock traded down $0.05 during trading on Thursday, hitting $4.24. 757,201 shares of the stock traded hands, compared to its average volume of 1,044,693. The stock has a market cap of $316.64 million, a price-to-earnings ratio of -2.07 and a beta of 0.79. Forward Industries has a one year low of $3.48 and a one year high of $46.00. The company has a 50 day simple moving average of $4.40 and a 200 day simple moving average of $5.11.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FWDI. B. Riley Financial reissued a "buy" rating on shares of Forward Industries in a research note on Friday, May 15th. Wall Street Zen raised Forward Industries from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. Zacks Research raised Forward Industries to a "hold" rating in a report on Monday, April 27th. Weiss Ratings downgraded Forward Industries from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 9th. Finally, Cantor Fitzgerald raised Forward Industries to a "strong-buy" rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $7.45.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Aristides Capital LLC acquired a new stake in Forward Industries during the 4th quarter valued at $180,000. Galaxy Group Investments LLC acquired a new position in Forward Industries in the fourth quarter worth $53,595,000. XTX Topco Ltd bought a new stake in shares of Forward Industries during the fourth quarter worth $419,000. nVerses Capital LLC bought a new stake in shares of Forward Industries during the fourth quarter worth $99,000. Finally, SummitTX Capital L.P. acquired a new stake in shares of Forward Industries in the fourth quarter valued at $81,000.

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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