Franklin Wireless Corp. (NASDAQ:FKWL) Short Interest Update

Franklin Wireless Corp. (NASDAQ:FKWL) saw a large growth in short interest in July. As of July 31st, there was short interest totaling 32,909 shares, a growth of 144.2% from the July 15th total of 13,476 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily volume of 24,880 shares, the short-interest ratio is presently 1.3 days.

Institutional Investors Weigh In On Franklin Wireless

Hedge funds have recently modified their holdings of the company. Evergreen Capital Management LLC purchased a new stake in Franklin Wireless in the 2nd quarter worth approximately $44,000. Goldman Sachs Group Inc. purchased a new position in shares of Franklin Wireless during the 1st quarter worth about $66,000. Founders Financial Securities LLC acquired a new stake in shares of Franklin Wireless in the fourth quarter worth approximately $59,000. Fortis Capital Management LLC grew its holdings in Franklin Wireless by 69.0% in the first quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock valued at $93,000 after purchasing an additional 10,000 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of Franklin Wireless by 175.5% during the 1st quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock worth $144,000 after buying an additional 16,211 shares during the last quarter. 18.49% of the stock is owned by institutional investors and hedge funds.

Franklin Wireless Price Performance

Shares of NASDAQ FKWL traded down $0.01 during trading on Friday, hitting $2.38. 9,623 shares of the company were exchanged, compared to its average volume of 19,683. Franklin Wireless has a 1 year low of $2.21 and a 1 year high of $5.48. The company has a market cap of $27.98 million, a price-to-earnings ratio of -39.58 and a beta of 0.28. The firm’s fifty day moving average price is $2.47 and its 200 day moving average price is $3.25.

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

Analyst Upgrades and Downgrades

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

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.