Franklin Wireless Corp. (NASDAQ:FKWL) Sees Significant Decline in Short Interest

Franklin Wireless Corp. (NASDAQ:FKWL) was the recipient of a large decline in short interest during the month of May. As of May 31st, there was short interest totalling 28,300 shares, a decline of 25.7% from the May 15th total of 38,100 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average daily volume of 35,600 shares, the days-to-cover ratio is presently 0.8 days.

Insiders Place Their Bets

In other Franklin Wireless news, President Oc Kim sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $3.73, for a total value of $746,000.00. Following the transaction, the president now directly owns 1,096,695 shares of the company’s stock, valued at approximately $4,090,672.35. This trade represents a 15.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FKWL. Acadian Asset Management LLC increased its stake in Franklin Wireless by 175.5% in the first quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock valued at $144,000 after purchasing an additional 16,211 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of Franklin Wireless in the 1st quarter valued at $66,000. Avantax Advisory Services Inc. acquired a new position in shares of Franklin Wireless in the 1st quarter valued at $157,000. Ritholtz Wealth Management bought a new stake in shares of Franklin Wireless in the 1st quarter valued at $99,000. Finally, Dimensional Fund Advisors LP raised its stake in Franklin Wireless by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 53,410 shares of the company’s stock worth $262,000 after buying an additional 6,416 shares during the period. Institutional investors own 18.49% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Franklin Wireless from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.

Franklin Wireless Trading Down 0.3%

NASDAQ FKWL opened at $3.94 on Friday. Franklin Wireless has a 12 month low of $3.20 and a 12 month high of $7.45. The stock has a 50-day simple moving average of $4.47 and a 200 day simple moving average of $5.04.

Franklin Wireless (NASDAQ:FKWL) last posted its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter. Franklin Wireless had a negative return on equity of 4.48% and a negative net margin of 3.68%.

About Franklin Wireless

Franklin Wireless Corp. provides integrated wireless solutions. The company's products include 5G/4G wireless broadband products, such as wi-fi mobile hotspot, fixed wireless routers, and enterprise gateway CPE; and IoT tracking and connected devices, including smart IoT tracking device, connected car, and home phone connect.