Forward Industries (NASDAQ:FORD) Trading Up 7.6% - Still a Buy?

Key Points

• Forward Industries' share price rose by 7.6%, trading at $30.02 after closing at $27.89, but experienced a significant drop in volume with 57,168 shares traded.
• Wall Street analysts have downgraded Forward Industries shares to a "strong sell" rating, citing poor performance metrics such as earnings of ($2.17) per share and a negative return on equity of 1,522.78%.
• Crecent institutional interest was noted, with Citadel Advisors LLC acquiring a new stake in the company, purchasing 10,705 shares valued at approximately $53,000.

Forward Industries, Inc. (NASDAQ:FORD - Get Free Report)'s share price was up 7.6% on Tuesday . The company traded as high as $30.35 and last traded at $30.02. Approximately 57,168 shares changed hands during trading, a decline of 34% from the average daily volume of 86,438 shares. The stock had previously closed at $27.89.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Forward Industries to a "strong sell" rating in a research report on Saturday, August 23rd.

Forward Industries Price Performance

The business's 50-day moving average is $16.48 and its two-hundred day moving average is $9.75.

Forward Industries (NASDAQ:FORD - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The textile maker reported ($2.17) earnings per share for the quarter. Forward Industries had a negative return on equity of 1,522.78% and a negative net margin of 14.52%.The firm had revenue of $2.49 million for the quarter.

Institutional Investors Weigh In On Forward Industries

A hedge fund recently bought a new stake in Forward Industries stock. Citadel Advisors LLC bought a new position in shares of Forward Industries, Inc. (NASDAQ:FORD - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,705 shares of the textile maker's stock, valued at approximately $53,000. Citadel Advisors LLC owned 0.97% of Forward Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Forward Industries Company Profile

Forward Industries, Inc, together with its subsidiaries, designs, manufactures, sources, markets, and distributes carry and protective solutions. The company operates in two segments: OEM Distribution and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various other portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS location devices, tablets, and firearms.

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