Franklin Wireless (NASDAQ:FKWL) Trading Up 1.9% – Here’s Why

Franklin Wireless Corp. (NASDAQ:FKWL)’s stock price traded up 1.9% during trading on Thursday . The company traded as high as $4.19 and last traded at $4.19. 8,690 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 14,610 shares. The stock had previously closed at $4.11.

Wall Street Analysts Forecast Growth

FKWL has been the topic of several recent research reports. Lake Street Capital assumed coverage on Franklin Wireless in a report on Monday, October 13th. They set a “buy” rating and a $6.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Franklin Wireless in a research note on Thursday. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.00.

Franklin Wireless Trading Down 0.2%

The company has a fifty day moving average of $4.36 and a two-hundred day moving average of $4.36.

Franklin Wireless (NASDAQ:FKWL) last posted its quarterly earnings data on Friday, November 14th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.14. The business had revenue of $12.74 million for the quarter, compared to analysts’ expectations of $7.20 million. Franklin Wireless had a negative net margin of 0.26% and a negative return on equity of 0.31%.

Franklin Wireless Announces Dividend

The firm also recently announced a special dividend, which was paid on Tuesday, December 2nd. Shareholders of record on Friday, November 14th were given a dividend of $0.04 per share. The ex-dividend date was Friday, November 14th.

Institutional Investors Weigh In On Franklin Wireless

Institutional investors and hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. grew its position in Franklin Wireless by 25.2% in the 2nd quarter. Osaic Holdings Inc. now owns 115,200 shares of the company’s stock valued at $482,000 after acquiring an additional 23,200 shares during the last quarter. Smith Moore & CO. grew its holdings 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 worth $421,000 after purchasing an additional 12,228 shares during the last quarter. Ritholtz Wealth Management increased its stake in Franklin Wireless by 101.0% in the 2nd quarter. Ritholtz Wealth Management now owns 34,762 shares of the company’s stock worth $145,000 after buying an additional 17,466 shares during the period. Acadian Asset Management LLC lifted its holdings in Franklin Wireless by 175.5% during the 1st quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock valued at $144,000 after buying an additional 16,211 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in Franklin Wireless in the 1st quarter valued at about $66,000. 18.49% of the stock is owned by institutional investors.

Franklin Wireless Company Profile

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.