Forward Industries (NASDAQ:FWDI) Stock Price Expected to Rise, B. Riley Financial Analyst Says

Forward Industries (NASDAQ:FWDI) had its price objective raised by B. Riley Financial from $7.00 to $9.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial’s target price indicates a potential upside of 36.88% from the stock’s current price.

FWDI has been the topic of several other reports. Cantor Fitzgerald increased their price objective on Forward Industries from $7.90 to $8.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. B Riley reaffirmed a “buy” rating on shares of Forward Industries in a research note on Thursday. Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen downgraded shares of Forward Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.50.

Forward Industries Stock Up 5.0%

NASDAQ:FWDI traded up $0.32 during midday trading on Thursday, hitting $6.58. The company had a trading volume of 2,026,379 shares, compared to its average volume of 1,128,847. The company has a market capitalization of $485.56 million, a PE ratio of 54.79 and a beta of 0.88. Forward Industries has a 52-week low of $3.48 and a 52-week high of $46.00. The stock’s fifty day moving average price is $4.59 and its 200-day moving average price is $4.57.

Forward Industries (NASDAQ:FWDI) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.80) earnings per share 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. As a group, research analysts forecast that Forward Industries will post -0.4 earnings per share for the current year.

Hedge Funds Weigh In On Forward Industries

Hedge funds have recently made changes to their positions in the business. Barclays PLC purchased a new position in Forward Industries during the 4th quarter valued at $43,000. Vontobel Holding Ltd. purchased a new stake in Forward Industries in the fourth quarter worth about $78,000. SummitTX Capital L.P. bought a new position in Forward Industries during the 4th quarter valued at approximately $81,000. nVerses Capital LLC bought a new position in shares of Forward Industries during the fourth quarter valued at $99,000. Finally, Cetera Investment Advisers bought a new position in Forward Industries in the 4th quarter worth about $111,000.

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.