Forward Industries (NASDAQ:FWDI) Sees Strong Trading Volume - Still a Buy?

Key Points

• Forward Industries shares rose to $8.019 after 935,148 shares changed hands, although volume declined 22% from the prior session.
• Analyst sentiment is mixed: two analysts rate the stock a Buy, while one rates it Hold and one Sell. The consensus rating is Hold, with an average price target of $12.50; Cantor Fitzgerald recently raised its target to $16.
• The company’s latest results were weak, with an $0.80-per-share loss versus expectations for $0.04 in earnings, $10.78 million in revenue, and deeply negative margins. Several institutional investors nevertheless recently established new positions.

Forward Industries, Inc. (NASDAQ:FWDI - Get Free Report) shares saw unusually-strong trading volume on Monday . 935,148 shares changed hands during trading, a decline of 22% from the previous session's volume of 1,200,276 shares.The stock last traded at $8.0190 and had previously closed at $7.70.

Analyst Ratings Changes

Several brokerages have recently commented on FWDI. Wall Street Zen raised Forward Industries from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. Weiss Ratings raised Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 29th. B. Riley Financial reiterated a "buy" rating on shares of Forward Industries in a report on Thursday, September 3rd. Finally, Cantor Fitzgerald increased their price target on Forward Industries from $8.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday, September 10th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Forward Industries presently has an average rating of "Hold" and an average target price of $12.50.

Forward Industries Price Performance

The company has a market capitalization of $594.17 million, a P/E ratio of 67.23 and a beta of 0.88. The firm has a fifty day moving average price of $5.12 and a 200-day moving average price of $4.75.

Forward Industries (NASDAQ:FWDI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.80) 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 business had revenue of $10.78 million for the quarter. On average, research analysts forecast that Forward Industries, Inc. will post -0.4 EPS for the current year.

Institutional Investors Weigh In On Forward Industries

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new position in Forward Industries during the second quarter valued at about $739,000. ParaFi Capital LP bought a new stake in Forward Industries in the second quarter worth about $684,000. Aristides Capital LLC bought a new stake in Forward Industries in the fourth quarter worth about $180,000. Finally, WINTON GROUP Ltd purchased a new position in Forward Industries in the second quarter valued at about $88,000.

Forward Industries Company Profile

Forward Industries, Inc NASDAQ: FWDI is a product design, development and manufacturing company that creates solutions for medical, industrial, consumer electronics and other specialized markets. The company is known for developing protective and carrying products, including custom cases, bags, backpacks and related accessories designed to support the transportation and use of electronic and technical equipment.

Forward Industries serves original equipment manufacturers, distributors and other business customers through customized product development and manufacturing programs.

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