Forward Industries (NASDAQ:FWDI) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Forward Industries (NASDAQ:FWDI) from a sell rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

FWDI has been the topic of a number of other research reports. Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. B Riley restated a “buy” rating on shares of Forward Industries in a research report on Thursday, September 3rd. B. Riley Financial increased their price target on Forward Industries from $7.00 to $9.00 and gave the company a “buy” rating in a research note 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 note on Thursday. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.50.

Forward Industries Stock Up 1.4%

Shares of FWDI opened at $6.55 on Friday. The firm has a 50-day moving average price of $4.90 and a 200 day moving average price of $4.67. The firm has a market capitalization of $483.72 million, a PE ratio of 54.58 and a beta of 0.88. Forward Industries has a 52-week low of $3.48 and a 52-week high of $46.00.

Forward Industries (NASDAQ:FWDI) last released 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). The company had revenue of $10.78 million for the quarter. Forward Industries had a negative return on equity of 18.05% and a negative net margin of 2,073.82%. On average, equities analysts expect that Forward Industries will post -0.4 EPS for the current year.

Institutional Trading of Forward Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Galaxy Group Investments LLC acquired a new position in Forward Industries in the fourth quarter worth approximately $53,595,000. J Digital 6 LLC acquired a new stake in shares of Forward Industries during the 4th quarter valued at $52,535,000. Multicoin Capital Management LLC acquired a new stake in shares of Forward Industries during the 4th quarter valued at $52,535,000. Alyeska Investment Group L.P. bought a new stake in shares of Forward Industries during the 4th quarter worth $21,484,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of Forward Industries during the 4th quarter worth $8,919,000.

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.