Forward Industries (NASDAQ:FWDI) Posts Quarterly Earnings Results, Misses Expectations By $0.84 EPS

Forward Industries (NASDAQ:FWDI) posted its quarterly earnings data on Wednesday. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.84), FiscalAI reports. Forward Industries had a negative return on equity of 15.75% and a negative net margin of 2,073.82%.The company had revenue of $10.78 million for the quarter.

Forward Industries Price Performance

FWDI stock traded down $0.06 on Friday, hitting $4.08. 891,346 shares of the company were exchanged, compared to its average volume of 1,019,566. The stock has a market capitalization of $304.62 million, a price-to-earnings ratio of -1.99 and a beta of 0.81. Forward Industries has a twelve month low of $3.48 and a twelve month high of $46.00. The business’s fifty day moving average is $4.23 and its two-hundred day moving average is $4.60.

Analyst Ratings Changes

FWDI has been the subject of a number of recent research reports. Zacks Research upgraded shares of Forward Industries to a “hold” rating in a report on Monday, April 27th. B. Riley Financial lowered their target price on shares of Forward Industries from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday. Cantor Fitzgerald increased their price target on Forward Industries from $7.90 to $8.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings upgraded Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded Forward Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.50.

Institutional Trading of Forward Industries

Several institutional investors have recently made changes to their positions in FWDI. Barclays PLC purchased a new position in shares of Forward Industries in the 4th quarter worth $43,000. Vontobel Holding Ltd. acquired a new stake in Forward Industries during the fourth quarter worth about $78,000. SummitTX Capital L.P. purchased a new stake in shares of Forward Industries during the 4th quarter worth about $81,000. nVerses Capital LLC acquired a new stake in Forward Industries during the 4th quarter worth approximately $99,000. Finally, Cetera Investment Advisers acquired a new stake in Forward Industries during the 4th quarter worth approximately $111,000.

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.