Cantor Fitzgerald Upgrades Forward Industries (NASDAQ:FWDI) to “Strong-Buy”

Forward Industries (NASDAQ:FWDI) was upgraded by analysts at Cantor Fitzgerald to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also weighed in on FWDI. B. Riley Financial restated a “buy” rating on shares of Forward Industries in a research report on Friday, May 15th. Wall Street Zen downgraded Forward Industries from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Zacks Research raised Forward Industries to a “hold” rating in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.45.

Forward Industries Price Performance

FWDI stock opened at $4.70 on Tuesday. Forward Industries has a fifty-two week low of $3.48 and a fifty-two week high of $46.00. The stock’s 50 day moving average price is $4.44. The stock has a market cap of $351.00 million, a P/E ratio of -2.29 and a beta of 0.79.

Hedge Funds Weigh In On Forward Industries

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