Forward Industries (NASDAQ:FWDI) Announces Earnings Results

Forward Industries (NASDAQ:FWDI) issued its quarterly earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.07, Zacks reports. Forward Industries had a negative net margin of 2,148.40% and a negative return on equity of 27.36%.

Forward Industries Price Performance

Shares of FWDI stock traded up $0.43 during trading hours on Thursday, reaching $5.07. 1,882,125 shares of the stock were exchanged, compared to its average volume of 875,680. The stock has a fifty day moving average price of $4.71. Forward Industries has a 12-month low of $4.03 and a 12-month high of $46.00. The stock has a market cap of $421.52 million, a price-to-earnings ratio of -1.36 and a beta of 0.78.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Forward Industries in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Zacks Research upgraded shares of Forward Industries to a “hold” rating in a research note on Monday, April 27th. Finally, B. Riley Financial assumed coverage on shares of Forward Industries in a research note on Thursday, April 23rd. They set a “buy” rating and a $7.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.00.

Institutional Trading of Forward Industries

A number of large investors have recently made changes to their positions in the company. Galaxy Group Investments LLC purchased a new stake in shares of Forward Industries during the fourth quarter worth approximately $53,595,000. XTX Topco Ltd purchased a new position in Forward Industries in the fourth quarter valued at approximately $419,000. nVerses Capital LLC purchased a new position in Forward Industries in the fourth quarter valued at approximately $99,000. SummitTX Capital L.P. purchased a new position in Forward Industries in the fourth quarter valued at approximately $81,000. Finally, Quadrature Capital Ltd purchased a new position in Forward Industries in the fourth quarter valued at approximately $617,000.

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.