Franklin Wireless Corp. (NASDAQ:FKWL) Short Interest Up 144.2% in July

Franklin Wireless Corp. (NASDAQ:FKWL) saw a large growth in short interest during the month of July. As of July 31st, there was short interest totaling 32,909 shares, a growth of 144.2% from the July 15th total of 13,476 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 24,880 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Franklin Wireless from a “sell (d)” rating to a “sell (e+)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $6.00.

Hedge Funds Weigh In On Franklin Wireless

A number of large investors have recently made changes to their positions in FKWL. Evergreen Capital Management LLC purchased a new position in shares of Franklin Wireless in the second quarter valued at $44,000. Founders Financial Securities LLC bought a new position in Franklin Wireless in the 4th quarter worth about $59,000. Goldman Sachs Group Inc. bought a new position in Franklin Wireless in the 1st quarter worth about $66,000. BlackRock Inc. purchased a new position in Franklin Wireless during the 2nd quarter valued at about $87,000. Finally, Fortis Capital Management LLC grew its holdings in Franklin Wireless by 69.0% during the 1st quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock valued at $93,000 after buying an additional 10,000 shares in the last quarter. 18.49% of the stock is owned by institutional investors.

Franklin Wireless Stock Up 1.7%

Shares of NASDAQ:FKWL opened at $2.43 on Friday. The firm has a market capitalization of $28.63 million, a PE ratio of -40.50 and a beta of 0.28. Franklin Wireless has a twelve month low of $2.21 and a twelve month high of $5.48. The company has a 50-day moving average price of $2.46 and a two-hundred day moving average price of $3.24.

Franklin Wireless (NASDAQ:FKWL) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.12). The business had revenue of $3.44 million during the quarter, compared to the consensus estimate of $9.90 million. Franklin Wireless had a negative net margin of 2.07% and a negative return on equity of 2.98%.

About Franklin Wireless

Franklin Wireless Corporation, headquartered in Fremont, California, designs and manufactures a range of cellular wireless devices and solutions. The company’s product lineup includes 4G LTE and 5G NR modules, routers, gateways and USB dongles under its MYFi brand, catering to both consumer and industrial applications. Franklin Wireless focuses on high-speed data communications, remote monitoring and mobile broadband, making its devices suitable for IoT deployments, enterprise networking and M2M connectivity.

Since its founding in 2005, Franklin Wireless has combined in-house research and development with strategic manufacturing partnerships across Asia and North America.