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

Forward Industries, Inc. (NASDAQ:FWDI) shares gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FWDI. Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. B. Riley Financial lowered their price objective on shares of Forward Industries from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Wall Street Zen cut shares of Forward Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Cantor Fitzgerald lifted their target price on shares of Forward Industries from $7.90 to $8.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.50.

Forward Industries Stock Up 13.6%

The business has a fifty day simple moving average of $4.38 and a two-hundred day simple moving average of $4.53. The company has a market cap of $497.38 million, a P/E ratio of 56.47 and a beta of 0.81.

Forward Industries (NASDAQ:FWDI) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $10.78 million for the quarter. On average, equities analysts predict that Forward Industries, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of Forward Industries

Several large investors have recently added to or reduced their stakes in FWDI. Barclays PLC purchased a new stake in Forward Industries during the fourth quarter valued at approximately $43,000. Vontobel Holding Ltd. purchased a new position in shares of Forward Industries during the 4th quarter worth $78,000. SummitTX Capital L.P. bought a new stake in shares of Forward Industries during the 4th quarter valued at $81,000. nVerses Capital LLC bought a new stake in shares of Forward Industries during the 4th quarter valued at $99,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Forward Industries in the 4th quarter worth $111,000.

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.