Forward Industries (NASDAQ:FWDI) Rating Increased to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Forward Industries (NASDAQ:FWDI) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

FWDI has been the subject of a number of other research reports. Weiss Ratings raised shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. B. Riley Financial reiterated a “buy” rating on shares of Forward Industries in a research note on Friday, May 15th. Wall Street Zen cut shares of Forward Industries from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Zacks Research raised shares of Forward Industries to a “hold” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.45.

Forward Industries Trading Up 11.4%

Shares of FWDI opened at $4.70 on Tuesday. Forward Industries has a 1-year low of $3.48 and a 1-year high of $46.00. The firm has a market capitalization of $351.00 million, a PE ratio of -2.29 and a beta of 0.79. The company’s 50-day moving average is $4.44.

Institutional Investors Weigh In On Forward Industries

A number of hedge funds have recently bought and sold shares of the stock. Galaxy Group Investments LLC purchased a new stake in shares of Forward Industries during the fourth quarter worth approximately $53,595,000. J Digital 6 LLC acquired a new position in Forward Industries during the 4th quarter worth approximately $52,535,000. Multicoin Capital Management LLC acquired a new position in Forward Industries during the 4th quarter worth approximately $52,535,000. Alyeska Investment Group L.P. purchased a new stake in shares of Forward Industries in the 4th quarter valued at approximately $21,484,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in shares of Forward Industries in the 4th quarter valued at approximately $8,919,000.

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.