Forward Industries (NASDAQ:FWDI) Shares Gap Down – Here’s What Happened

Shares of Forward Industries, Inc. (NASDAQ:FWDI) gapped down prior to trading on Wednesday . The stock had previously closed at $8.60, but opened at $8.20. Forward Industries shares last traded at $8.3150, with a volume of 339,518 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. B. Riley Financial upped their price target on Forward Industries from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday. Weiss Ratings upgraded Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Cantor Fitzgerald lifted their price objective 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 upgraded shares of Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $13.50.

Forward Industries Trading Down 5.4%

The company’s 50-day simple moving average is $5.29 and its 200 day simple moving average is $4.80. The stock has a market cap of $600.77 million, a P/E ratio of 68.12 and a beta of 0.88.

Forward Industries (NASDAQ:FWDI) last released its earnings results 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). The business had revenue of $10.78 million during the quarter. Forward Industries had a negative net margin of 2,073.82% and a negative return on equity of 18.05%. Research analysts anticipate that Forward Industries, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Forward Industries

Large investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd bought a new stake in Forward Industries in the second quarter worth about $88,000. Aristides Capital LLC purchased a new position in Forward Industries in the fourth quarter valued at about $180,000. ParaFi Capital LP bought a new position in shares of Forward Industries during the 2nd quarter valued at approximately $684,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Forward Industries during the 2nd quarter valued at approximately $739,000.

Forward Industries Company Profile

Forward Industries, Inc (NASDAQ: FWDI) is a product design, development and manufacturing company that creates solutions for medical, industrial, consumer electronics and other specialized markets. The company is known for developing protective and carrying products, including custom cases, bags, backpacks and related accessories designed to support the transportation and use of electronic and technical equipment.

Forward Industries serves original equipment manufacturers, distributors and other business customers through customized product development and manufacturing programs.