Franklin Wireless Corp. (NASDAQ:FKWL) Sees Significant Drop in Short Interest

Franklin Wireless Corp. (NASDAQ:FKWL) saw a large drop in short interest during the month of July. As of July 15th, there was short interest totaling 13,476 shares, a drop of 52.2% from the June 30th total of 28,217 shares. Based on an average daily trading volume, of 28,053 shares, the short-interest ratio is presently 0.5 days. Approximately 0.2% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Franklin Wireless from a “sell (d)” rating to a “sell (e+)” rating in a 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.00.

Institutional Investors Weigh In On Franklin Wireless

Several hedge funds have recently bought and sold shares of FKWL. Osaic Holdings Inc. increased its position in Franklin Wireless by 5.5% during the fourth quarter. Osaic Holdings Inc. now owns 133,903 shares of the company’s stock worth $585,000 after buying an additional 7,000 shares during the last quarter. Smith Moore & CO. raised its stake in Franklin Wireless by 14.5% in the 4th quarter. Smith Moore & CO. now owns 96,400 shares of the company’s stock valued at $421,000 after acquiring an additional 12,228 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 purchasing an additional 16,211 shares during the last quarter. Fortis Capital Management LLC lifted 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 purchasing an additional 10,000 shares during the last quarter. Finally, Founders Financial Securities LLC bought a new position in Franklin Wireless during the fourth quarter worth $59,000. 18.49% of the stock is currently owned by institutional investors and hedge funds.

Franklin Wireless Trading Up 0.4%

NASDAQ FKWL traded up $0.01 on Tuesday, reaching $2.34. The stock had a trading volume of 27,038 shares, compared to its average volume of 19,961. Franklin Wireless has a 1 year low of $2.28 and a 1 year high of $5.48. The business has a 50 day moving average price of $2.64 and a 200 day moving average price of $3.42. The company has a market capitalization of $27.57 million, a price-to-earnings ratio of -39.00 and a beta of 0.27.

Franklin Wireless (NASDAQ:FKWL) last issued its quarterly earnings data 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). Franklin Wireless had a negative return on equity of 2.98% and a negative net margin of 2.07%.The firm had revenue of $3.44 million during the quarter, compared to analyst estimates of $9.90 million.

About Franklin Wireless

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.