Zacks Research Upgrades Forward Industries (NASDAQ:FWDI) to Hold

Forward Industries (NASDAQ:FWDI) was upgraded by investment analysts at Zacks Research to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. B. Riley Financial began coverage on shares of Forward Industries in a research note on Thursday, April 23rd. They set a “buy” rating and a $7.00 price target on the stock. Wall Street Zen raised shares of Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.00.

Forward Industries Trading Down 1.3%

Shares of FWDI traded down $0.06 during mid-day trading on Monday, hitting $4.25. The company had a trading volume of 265,298 shares, compared to its average volume of 855,194. The business has a 50-day moving average of $4.64. Forward Industries has a 1-year low of $4.03 and a 1-year high of $46.00. The company has a market cap of $352.93 million, a PE ratio of -1.13 and a beta of 0.77.

Institutional Trading of Forward Industries

A number of institutional investors have recently modified their holdings of FWDI. Galaxy Group Investments LLC purchased a new position in Forward Industries in the fourth quarter valued at approximately $53,595,000. J Digital 6 LLC purchased a new stake in Forward Industries during the fourth quarter worth approximately $52,535,000. Multicoin Capital Management LLC purchased a new stake in Forward Industries during the fourth quarter worth approximately $52,535,000. Alyeska Investment Group L.P. acquired a new stake in shares of Forward Industries in the fourth quarter worth $21,484,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Forward Industries in the fourth quarter worth $8,919,000.

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.