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

Franklin Wireless Corp. (NASDAQ:FKWL) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totaling 15,252 shares, a drop of 29.8% from the November 30th total of 21,724 shares. Based on an average daily volume of 10,210 shares, the days-to-cover ratio is presently 1.5 days. Based on an average daily volume of 10,210 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Investors Weigh In On Franklin Wireless

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FKWL. Evergreen Capital Management LLC purchased a new stake in shares of Franklin Wireless during the second quarter worth about $44,000. Goldman Sachs Group Inc. purchased a new position in shares of Franklin Wireless in the 1st quarter valued at approximately $66,000. Acadian Asset Management LLC boosted its stake in Franklin Wireless by 175.5% in the 1st 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 in the last quarter. Ritholtz Wealth Management grew its position in Franklin Wireless by 101.0% during the 2nd quarter. Ritholtz Wealth Management now owns 34,762 shares of the company’s stock worth $145,000 after purchasing an additional 17,466 shares during the last quarter. Finally, Smith Moore & CO. increased its stake in Franklin Wireless by 29.0% during the 3rd quarter. Smith Moore & CO. now owns 84,172 shares of the company’s stock valued at $367,000 after purchasing an additional 18,900 shares in the last quarter. 18.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FKWL has been the topic of several analyst reports. Lake Street Capital began coverage on Franklin Wireless in a research note on Monday, October 13th. They set a “buy” rating and a $6.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Franklin Wireless in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.00.

Franklin Wireless Trading Down 2.5%

NASDAQ FKWL traded down $0.11 on Monday, reaching $4.18. 1,746 shares of the stock traded hands, compared to its average volume of 27,881. Franklin Wireless has a 12 month low of $3.66 and a 12 month high of $7.45. The company has a fifty day moving average price of $4.71 and a 200-day moving average price of $4.34.

Franklin Wireless (NASDAQ:FKWL) last posted its earnings results on Friday, November 14th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.14. The business had revenue of $12.74 million for the quarter, compared to the consensus estimate of $7.20 million. Franklin Wireless had a negative net margin of 0.26% and a negative return on equity of 0.31%.

Franklin Wireless Dividend Announcement

The firm also recently declared a special dividend, which was paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, November 14th.

Franklin Wireless Company Profile

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.