Forward Industries (NASDAQ:FWDI) Releases Quarterly Earnings Results

Forward Industries (NASDAQ:FWDI) issued its quarterly earnings data on Thursday. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.07, Zacks reports. The business had revenue of $12.96 million during the quarter, compared to analysts’ expectations of $11.00 million. Forward Industries had a negative net margin of 2,148.40% and a negative return on equity of 27.36%.

Forward Industries Stock Down 11.0%

Shares of FWDI stock traded down $0.56 during trading hours on Friday, reaching $4.51. The company had a trading volume of 403,423 shares, compared to its average volume of 882,243. The stock has a market capitalization of $375.29 million, a P/E ratio of -1.20 and a beta of 0.78. Forward Industries has a twelve month low of $4.03 and a twelve month high of $46.00. The company’s fifty day simple moving average is $4.71.

Institutional Trading of Forward Industries

A number of hedge funds have recently made changes to their positions in the company. Galaxy Group Investments LLC acquired a new stake in Forward Industries during the 4th quarter valued at $53,595,000. J Digital 6 LLC purchased a new position in Forward Industries in the 4th quarter valued at about $52,535,000. Multicoin Capital Management LLC acquired a new stake in shares of Forward Industries during the fourth quarter valued at about $52,535,000. Alyeska Investment Group L.P. purchased a new stake in shares of Forward Industries during the fourth quarter worth about $21,484,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Forward Industries in the fourth quarter worth about $8,919,000.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FWDI. Zacks Research raised shares of Forward Industries to a “hold” rating in a research note on Monday, April 27th. Wall Street Zen upgraded Forward Industries from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. B. Riley Financial began coverage on Forward Industries in a research note on Thursday, April 23rd. They set a “buy” rating and a $7.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Industries in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.00.

About Forward Industries

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.