Forward Industries (NASDAQ:FWDI) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Key Points

• Cantor Fitzgerald raised Forward Industries’ price target to $8.00 from $7.90 and maintained an “overweight” rating, implying approximately 81.82% upside from the prior close.
• Analyst sentiment remains mixed: two analysts rate the stock Buy, one Hold and one Sell, resulting in a consensus “Hold” rating and an average price target of $7.50.
• Forward Industries reported a significant quarterly earnings miss, posting an EPS loss of $0.80 versus the $0.04 consensus estimate, alongside negative profitability metrics and quarterly revenue of $10.78 million.

Forward Industries (NASDAQ:FWDI - Get Free Report) had its price target hoisted by research analysts at Cantor Fitzgerald from $7.90 to $8.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's target price points to a potential upside of 81.82% from the company's previous close.

Several other equities analysts have also recently commented on FWDI. Wall Street Zen cut shares of Forward Industries from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Zacks Research raised Forward Industries to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings raised Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 29th. Finally, B. Riley Financial reissued a "buy" rating on shares of Forward Industries in a report on Friday, May 15th. Two 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 data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $7.50.

Forward Industries Price Performance

FWDI opened at $4.40 on Thursday. The company has a market capitalization of $328.59 million, a price-to-earnings ratio of -2.15 and a beta of 0.81. The firm's fifty day moving average price is $4.23 and its two-hundred day moving average price is $4.63. Forward Industries has a 1 year low of $3.48 and a 1 year high of $46.00.

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 the consensus estimate of $0.04 by ($0.84). Forward Industries had a negative return on equity of 21.42% and a negative net margin of 2,305.12%.The firm had revenue of $10.78 million during the quarter. As a group, equities analysts anticipate that Forward Industries will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC purchased a new stake in Forward Industries in the 4th quarter worth approximately $909,000. Schonfeld Strategic Advisors LLC bought a new position in Forward Industries in the 4th quarter worth about $175,000. Cetera Investment Advisers purchased a new stake in shares of Forward Industries in the 4th quarter valued at about $111,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Forward Industries during the fourth quarter worth about $177,000. Finally, Verition Fund Management LLC purchased a new stake in Forward Industries in the fourth quarter valued at approximately $174,000.

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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