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

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Franklin Wireless from a “sell (d)” rating to a “sell (e+)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Franklin Wireless has a consensus rating of “Hold” and a consensus price target of $6.00.

Franklin Wireless Stock Up 0.4%

NASDAQ:FKWL traded up $0.01 on Thursday, reaching $2.32. 14,695 shares of the company’s stock traded hands, compared to its average volume of 19,958. Franklin Wireless has a 12 month low of $2.28 and a 12 month high of $5.48. The stock has a 50-day simple moving average of $2.61 and a 200-day simple moving average of $3.39. The firm has a market cap of $27.33 million, a PE ratio of -38.67 and a beta of 0.27.

Franklin Wireless (NASDAQ:FKWL) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.12). The company had revenue of $3.44 million for the quarter, compared to the consensus estimate of $9.90 million. Franklin Wireless had a negative net margin of 2.07% and a negative return on equity of 2.98%.

Institutional Investors Weigh In On Franklin Wireless

Several large investors have recently bought and sold shares of FKWL. Evergreen Capital Management LLC bought a new position in Franklin Wireless during the second quarter valued at $44,000. Founders Financial Securities LLC bought a new position in shares of Franklin Wireless in the 4th quarter valued at about $59,000. Goldman Sachs Group Inc. purchased a new position in Franklin Wireless in the first quarter worth about $66,000. Fortis Capital Management LLC grew its position in Franklin Wireless by 69.0% in the first quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock worth $93,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Franklin Wireless by 175.5% during the first quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock worth $144,000 after acquiring an additional 16,211 shares during the last quarter. Institutional investors own 18.49% of the company’s stock.

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.