Forward Industries (NASDAQ:FWDI) Shares Gap Down - Here's Why

Key Points

• Forward Industries shares fell at the open, dropping from a prior close of $8.60 to $8.20 before trading around $8.3150.
• Analyst sentiment remains mixed: B. Riley raised its target to $11 with a Buy rating, while Cantor Fitzgerald set a $16 target and an Overweight rating. Overall, the consensus rating is Hold, with a $13.50 target price.
• The company reported a significant quarterly EPS miss, posting a loss of $0.80 versus expectations for $0.04, alongside $10.78 million in revenue and sharply negative profitability metrics.

Shares of Forward Industries, Inc. (NASDAQ:FWDI - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $8.60, but opened at $8.20. Forward Industries shares last traded at $8.3150, with a volume of 339,518 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FWDI. B. Riley Financial lifted their price objective on Forward Industries from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Tuesday. Wall Street Zen raised Forward Industries from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. Cantor Fitzgerald boosted their price target on Forward Industries from $8.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, September 10th. Finally, Weiss Ratings raised shares of Forward Industries from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 29th. 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $13.50.

Forward Industries Stock Performance

The business has a 50 day moving average of $5.29 and a two-hundred day moving average of $4.80. The firm has a market capitalization of $600.77 million, a price-to-earnings ratio of 68.12 and a beta of 0.88.

Forward Industries (NASDAQ:FWDI - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.84). Forward Industries had a negative return on equity of 18.05% and a negative net margin of 2,073.82%.The firm had revenue of $10.78 million during the quarter. On average, equities analysts predict that Forward Industries, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. WINTON GROUP Ltd bought a new stake in shares of Forward Industries during the second quarter worth about $88,000. ParaFi Capital LP bought a new position in Forward Industries in the 2nd quarter valued at about $684,000. Bank of New York Mellon Corp acquired a new position in Forward Industries during the 2nd quarter valued at about $739,000. Finally, Aristides Capital LLC acquired a new position in Forward Industries during the 4th quarter valued at about $180,000.

About Forward Industries

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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