Zacks Research Upgrades Forward Industries (NASDAQ:FWDI) to "Hold"

Key Points

• Zacks Research upgraded Forward Industries (NASDAQ:FWDI) to a "Hold", joining a consensus rating of "Hold" with an average price target of $7.00 while recent analyst coverage ranges from Sell to Buy (B. Riley initiated coverage with a $7 Buy).
• Several institutional investors established large new positions in Q4 totaling about $189 million, including Galaxy Group, J Digital 6, Multicoin Capital, Alyeska and Polar Asset Management.
• Shares opened at $4.30 (50‑day MA $4.64) and the company has a market cap of $357.5M and a negative P/E of -1.15, trading near its 1‑year low ($4.03) vs a 1‑year high of $46.00, showing significant past volatility relative to the $7 average target.

Forward Industries (NASDAQ:FWDI - Get Free Report) was upgraded by equities researchers at Zacks Research to a "hold" rating in a report issued on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. Wall Street Zen raised shares of Forward Industries from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. B. Riley Financial started coverage on shares of Forward Industries in a report on Thursday, April 23rd. They issued a "buy" rating and a $7.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Forward Industries has a consensus rating of "Hold" and an average price target of $7.00.

Forward Industries Price Performance

Shares of NASDAQ:FWDI opened at $4.30 on Monday. The firm's fifty day moving average is $4.64. The company has a market capitalization of $357.50 million, a P/E ratio of -1.15 and a beta of 0.77. Forward Industries has a 1-year low of $4.03 and a 1-year high of $46.00.

Institutional Trading of Forward Industries

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

Forward Industries Company Profile

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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