Franklin Wireless Corp. (NASDAQ:FKWL) Sees Significant Drop in Short Interest

Franklin Wireless Corp. (NASDAQ:FKWL) was the target of a large decline in short interest in the month of July. As of July 15th, there was short interest totaling 13,476 shares, a decline of 52.2% from the June 30th total of 28,217 shares. Based on an average daily trading volume, of 28,053 shares, the short-interest ratio is presently 0.5 days. Currently, 0.2% of the shares of the company are short sold.

Institutional Trading of Franklin Wireless

Several hedge funds have recently made changes to their positions in FKWL. Goldman Sachs Group Inc. purchased a new position in shares of Franklin Wireless during the 1st quarter valued at $66,000. Acadian Asset Management LLC lifted its holdings in Franklin Wireless by 175.5% during the first quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock valued at $144,000 after purchasing an additional 16,211 shares during the last quarter. Evergreen Capital Management LLC bought a new position in Franklin Wireless during the second quarter worth about $44,000. Osaic Holdings Inc. increased its stake in shares of Franklin Wireless by 25.2% in the second quarter. Osaic Holdings Inc. now owns 115,200 shares of the company’s stock worth $482,000 after purchasing an additional 23,200 shares in the last quarter. Finally, Smith Moore & CO. raised its position in shares of Franklin Wireless by 14.5% in the fourth quarter. Smith Moore & CO. now owns 96,400 shares of the company’s stock valued at $421,000 after purchasing an additional 12,228 shares during the period. 18.49% of the stock is currently owned by institutional investors.

Franklin Wireless Stock Up 0.4%

Shares of Franklin Wireless stock traded up $0.01 during trading on Tuesday, reaching $2.34. The company’s stock had a trading volume of 27,038 shares, compared to its average volume of 19,961. The business’s 50-day moving average price is $2.64 and its 200-day moving average price is $3.42. Franklin Wireless has a 52 week low of $2.28 and a 52 week high of $5.48. The firm has a market cap of $27.57 million, a PE ratio of -39.00 and a beta of 0.27.

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

Wall Street Analyst Weigh In

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

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.