Forward Industries (NASDAQ:FWDI) Announces Quarterly Earnings Results

Forward Industries (NASDAQ:FWDI) posted its earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.07, Zacks reports. Forward Industries had a negative net margin of 2,148.40% and a negative return on equity of 27.36%.

Forward Industries Trading Up 9.3%

Shares of Forward Industries stock traded up $0.43 on Thursday, hitting $5.07. 1,882,125 shares of the company traded hands, compared to its average volume of 875,680. The company’s 50-day simple moving average is $4.71. The company has a market capitalization of $421.51 million, a P/E ratio of -1.36 and a beta of 0.78. Forward Industries has a 12-month low of $4.03 and a 12-month high of $46.00.

Institutional Trading of Forward Industries

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

Analyst Ratings Changes

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