Franklin Wireless (NASDAQ:FKWL) Stock Price Down 1.6% – Here’s What Happened

Franklin Wireless Corp. (NASDAQ:FKWL) shares traded down 1.6% during trading on Monday . The company traded as low as $3.69 and last traded at $3.73. 13,001 shares changed hands during mid-day trading, an increase of 82% from the average session volume of 7,135 shares. The stock had previously closed at $3.79.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded Franklin Wireless from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Franklin Wireless Stock Performance

The stock has a 50 day moving average price of $3.79 and a 200 day moving average price of $4.27. The company has a market cap of $44.18 million, a P/E ratio of 187.59 and a beta of 0.22.

Franklin Wireless (NASDAQ:FKWL) last posted its quarterly earnings data on Tuesday, February 17th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The firm had revenue of $11.93 million during the quarter, compared to the consensus estimate of $11.93 million. Franklin Wireless had a negative return on equity of 0.55% and a net margin of 0.47%.

Institutional Investors Weigh In On Franklin Wireless

A number of institutional investors and hedge funds have recently modified their holdings of FKWL. Goldman Sachs Group Inc. acquired a new stake in shares of Franklin Wireless during the first quarter worth $66,000. Acadian Asset Management LLC raised its position in shares of Franklin Wireless by 175.5% during the first quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock worth $144,000 after purchasing an additional 16,211 shares during the period. Evergreen Capital Management LLC acquired a new stake in shares of Franklin Wireless during the second quarter worth $44,000. Osaic Holdings Inc. raised its position in shares of Franklin Wireless by 25.2% during the second quarter. Osaic Holdings Inc. now owns 115,200 shares of the company’s stock worth $482,000 after purchasing an additional 23,200 shares during the period. Finally, Smith Moore & CO. raised its position in shares of Franklin Wireless by 29.0% during the third quarter. Smith Moore & CO. now owns 84,172 shares of the company’s stock worth $367,000 after purchasing an additional 18,900 shares during the period. 18.49% of the stock is owned by institutional investors and hedge funds.

About Franklin Wireless

Franklin Wireless Corporation, headquartered in Fremont, California, designs and manufactures a range of cellular wireless devices and solutions. The company’s product lineup includes 4G LTE and 5G NR modules, routers, gateways and USB dongles under its MYFi brand, catering to both consumer and industrial applications. Franklin Wireless focuses on high-speed data communications, remote monitoring and mobile broadband, making its devices suitable for IoT deployments, enterprise networking and M2M connectivity.

Since its founding in 2005, Franklin Wireless has combined in-house research and development with strategic manufacturing partnerships across Asia and North America.