Franklin Wireless Corp. (NASDAQ:FKWL) Short Interest Up 60.8% in August

Franklin Wireless Corp. (NASDAQ:FKWL) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 66,010 shares, a growth of 60.8% from the August 15th total of 41,055 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 13,130 shares, the days-to-cover ratio is presently 5.0 days.

Franklin Wireless Stock Up 3.4%

NASDAQ FKWL opened at $2.45 on Friday. The company has a 50-day simple moving average of $2.39 and a two-hundred day simple moving average of $2.96. Franklin Wireless has a 12-month low of $2.21 and a 12-month high of $5.48. The firm has a market cap of $28.87 million, a price-to-earnings ratio of -40.83 and a beta of 0.31.

Hedge Funds Weigh In On Franklin Wireless

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fortis Capital Management LLC raised its holdings in Franklin Wireless by 69.0% during the 1st quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock valued at $93,000 after buying an additional 10,000 shares during the last quarter. Founders Financial Securities LLC purchased a new position in shares of Franklin Wireless in the fourth quarter valued at about $59,000. BlackRock Inc. bought a new position in shares of Franklin Wireless during the second quarter valued at about $87,000. Finally, Susquehanna International Group LLP boosted its holdings in shares of Franklin Wireless by 2,417.2% during the second quarter. Susquehanna International Group LLP now owns 434,667 shares of the company’s stock worth $1,104,000 after purchasing an additional 417,399 shares during the period. 18.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Franklin Wireless in a research report on Friday, August 21st. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.00.

Franklin Wireless Company Profile

Franklin Wireless Corporation develops and supplies wireless communications equipment and connected-device solutions. The company’s products are designed to provide mobile broadband connectivity through cellular networks and include mobile hotspots, routers, modems, and related wireless devices.

Franklin Wireless primarily serves wireless network operators, distributors, retailers, and enterprise customers. Its offerings support applications such as home and mobile internet access, backup connectivity, remote communications, and Internet of Things deployments.