Forward Industries (NASDAQ:FWDI) Shares Up 6.3% – Time to Buy?

Forward Industries, Inc. (NASDAQ:FWDI) shot up 6.3% during trading on Friday . The stock traded as high as $6.90 and last traded at $6.8680. Approximately 592,570 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 1,140,866 shares. The stock had previously closed at $6.46.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Forward Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. B. Riley Financial upped their price target on shares of Forward Industries from $7.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Weiss Ratings raised Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. B Riley reissued a “buy” rating on shares of Forward Industries in a research note on Thursday, September 3rd. Finally, Cantor Fitzgerald upped their price target on Forward Industries from $8.00 to $16.00 and gave the company an “overweight” rating in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.50.

Forward Industries Stock Up 4.7%

The business has a fifty day simple moving average of $4.86 and a two-hundred day simple moving average of $4.65. The company has a market capitalization of $499.60 million, a price-to-earnings ratio of 56.62 and a beta of 0.88.

Forward Industries (NASDAQ:FWDI) last announced its earnings results on Wednesday, August 12th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.84). Forward Industries had a negative return on equity of 18.05% and a negative net margin of 2,073.82%.The company had revenue of $10.78 million for the quarter. As a group, equities analysts predict that Forward Industries, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Forward Industries

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