Forward Industries (NASDAQ:FWDI) Shares Gap Up – What’s Next?

Forward Industries, Inc. (NASDAQ:FWDI) gapped up prior to trading on Thursday. The stock had previously closed at $5.93, but opened at $6.39. Forward Industries shares last traded at $6.8090, with a volume of 624,165 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. B. Riley Financial lifted their price target on Forward Industries from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 22nd. Weiss Ratings raised shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Cantor Fitzgerald raised their target price on shares of Forward Industries from $8.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, September 10th. Finally, Wall Street Zen raised Forward Industries from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Forward Industries currently has an average rating of “Hold” and an average target price of $13.50.

Forward Industries Stock Performance

The firm’s 50 day moving average is $5.75 and its 200-day moving average is $4.93. The firm has a market cap of $570.05 million, a price-to-earnings ratio of 64.38 and a beta of 0.88.

Forward Industries (NASDAQ:FWDI) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.84). Forward Industries had a negative net margin of 2,073.82% and a negative return on equity of 18.05%. The business had revenue of $10.78 million during the quarter. As a group, research analysts predict that Forward Industries, Inc. will post -0.38 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in Forward Industries during the 2nd quarter worth $739,000. ParaFi Capital LP acquired a new position in Forward Industries during the 2nd quarter worth $684,000. WINTON GROUP Ltd acquired a new position in Forward Industries during the 2nd quarter worth $88,000. Finally, Aristides Capital LLC acquired a new position in Forward Industries during the 4th quarter worth $180,000.

Forward Industries Company Profile

Forward Industries, Inc, together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for handheld electronic devices. The company operates in three segments: OEM Distribution, Retail Distribution, and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS devices, tablets, and firearms.