Franklin Wireless Corp. (NASDAQ:FKWL) Sees Large Increase in Short Interest

Franklin Wireless Corp. (NASDAQ:FKWL) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 66,010 shares, a growth of 60.8% from the August 15th total of 41,055 shares. Based on an average daily volume of 13,130 shares, the short-interest ratio is presently 5.0 days. Currently, 0.8% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Franklin Wireless in a research report on Friday, August 21st. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.00.

Institutional Investors Weigh In On Franklin Wireless

A number of large investors have recently made changes to their positions in FKWL. Fortis Capital Management LLC grew its stake in shares of Franklin Wireless by 69.0% during the 1st quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock worth $93,000 after purchasing an additional 10,000 shares during the period. Founders Financial Securities LLC purchased a new position in shares of Franklin Wireless during the 4th quarter valued at approximately $59,000. BlackRock Inc. acquired a new position in shares of Franklin Wireless in the 2nd quarter valued at $87,000. Finally, Susquehanna International Group LLP boosted its holdings in Franklin Wireless by 2,417.2% during the second quarter. Susquehanna International Group LLP now owns 434,667 shares of the company’s stock worth $1,104,000 after buying an additional 417,399 shares in the last quarter. 18.49% of the stock is owned by hedge funds and other institutional investors.

Franklin Wireless Stock Performance

FKWL stock traded up $0.08 during trading on Thursday, reaching $2.45. The company had a trading volume of 10,256 shares, compared to its average volume of 18,592. The company has a market cap of $28.86 million, a price-to-earnings ratio of -40.83 and a beta of 0.31. Franklin Wireless has a twelve month low of $2.21 and a twelve month high of $5.48. The firm has a 50-day simple moving average of $2.39 and a 200-day simple moving average of $2.97.

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.