Forward Industries (NASDAQ:FWDI) Shares Gap Up – What’s Next?

Forward Industries, Inc. (NASDAQ:FWDI)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $5.93, but opened at $6.39. Forward Industries shares last traded at $6.8090, with a volume of 624,165 shares changing hands.

Analysts Set New Price Targets

FWDI has been the subject of a number of analyst reports. Wall Street Zen cut Forward Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. B. Riley Financial cut their price objective on Forward Industries from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Weiss Ratings raised shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Finally, Cantor Fitzgerald raised their target price on shares of Forward Industries from $7.90 to $8.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Two 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.com, Forward Industries has a consensus rating of “Hold” and a consensus price target of $7.50.

Forward Industries Stock Performance

The company has a market cap of $497.38 million, a P/E ratio of 56.47 and a beta of 0.81. The firm’s fifty day moving average is $4.38 and its two-hundred day moving average is $4.53.

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

Institutional Trading of Forward Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC bought a new position in Forward Industries in the 4th quarter worth approximately $909,000. SummitTX Capital L.P. bought a new stake in shares of Forward Industries during the fourth quarter valued at approximately $81,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Forward Industries during the fourth quarter valued at approximately $175,000. Cetera Investment Advisers purchased a new position in shares of Forward Industries in the fourth quarter worth $111,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Forward Industries during the fourth quarter worth $177,000.

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.