Forward Industries, Inc. (NASDAQ:FWDI) Short Interest Update

Forward Industries, Inc. (NASDAQ:FWDI) saw a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 4,568,390 shares, an increase of 92.2% from the June 15th total of 2,376,503 shares. Based on an average trading volume of 2,225,474 shares, the short-interest ratio is currently 2.1 days. Currently, 7.3% of the shares of the stock are sold short.

Institutional Investors Weigh In On Forward Industries

A number of institutional investors have recently made changes to their positions in FWDI. Wolverine Asset Management LLC bought a new stake in Forward Industries in the fourth quarter valued at about $909,000. Geode Capital Management LLC bought a new position in Forward Industries during the fourth quarter worth about $5,350,000. Goldman Sachs Group Inc. bought a new stake in shares of Forward Industries in the 4th quarter valued at about $540,000. State of Wyoming bought a new stake in shares of Forward Industries in the 4th quarter valued at about $189,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Forward Industries in the 4th quarter valued at approximately $161,000.

Forward Industries Stock Down 1.2%

FWDI stock traded down $0.05 during midday trading on Thursday, reaching $4.24. The company’s stock had a trading volume of 757,201 shares, compared to its average volume of 1,044,693. Forward Industries has a 52 week low of $3.48 and a 52 week high of $46.00. The stock has a market cap of $316.64 million, a PE ratio of -2.07 and a beta of 0.79. The business’s 50-day simple moving average is $4.40 and its 200-day simple moving average is $5.11.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. B. Riley Financial reissued a “buy” rating on shares of Forward Industries in a research note on Friday, May 15th. Zacks Research upgraded shares of Forward Industries to a “hold” rating in a research report on Monday, April 27th. Wall Street Zen raised Forward Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Cantor Fitzgerald upgraded Forward Industries to a “strong-buy” rating in a research report on Thursday, July 2nd. Finally, Weiss Ratings cut Forward Industries from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.45.

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.