Forward Industries (NASDAQ:FWDI) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Forward Industries to “Sell” from “Hold,” contrasting with recent upgrades from Cantor Fitzgerald and Zacks Research and buy ratings from other analysts.
• Despite the downgrade, Forward Industries has a “Moderate Buy” consensus rating and an average price target of $7.45, well above its recent opening price of $4.33.
• The stock has fallen sharply from its 52-week high of $46.00 and currently has a market capitalization of approximately $323 million, while several hedge funds established sizable positions during the fourth quarter.

Forward Industries (NASDAQ:FWDI - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald upgraded shares of Forward Industries to a "strong-buy" rating in a research report on Thursday, July 2nd. Weiss Ratings upgraded shares of Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 29th. B. Riley Financial reaffirmed a "buy" rating on shares of Forward Industries in a research note on Friday, May 15th. Finally, Zacks Research raised Forward Industries to a "hold" rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $7.45.

Forward Industries Stock Performance

FWDI stock opened at $4.33 on Friday. The stock has a market cap of $323.36 million, a P/E ratio of -2.11 and a beta of 0.81. The firm has a 50 day simple moving average of $4.24 and a 200 day simple moving average of $4.72. Forward Industries has a 52 week low of $3.48 and a 52 week high of $46.00.

Institutional Inflows and Outflows

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

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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