Forward Industries (NASDAQ:FWDI) Coverage Initiated at B. Riley Financial

Research analysts at B. Riley Financial initiated coverage on shares of Forward Industries (NASDAQ:FWDI) in a report released on Thursday. The brokerage set a “buy” rating and a $7.00 price target on the stock. B. Riley Financial’s target price would suggest a potential upside of 42.28% from the company’s previous close.

Several other brokerages also recently commented on FWDI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forward Industries in a research report on Friday, December 26th. Wall Street Zen raised shares of Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.00.

Forward Industries Stock Up 5.1%

NASDAQ FWDI opened at $4.92 on Thursday. The firm has a market capitalization of $409.05 million, a PE ratio of -1.32 and a beta of 0.77. The business’s 50 day simple moving average is $4.67. Forward Industries has a one year low of $4.03 and a one year high of $46.00.

Institutional Investors Weigh In On Forward Industries

Several hedge funds and other institutional investors have recently modified their holdings of FWDI. Galaxy Group Investments LLC acquired a new stake in Forward Industries in the 4th quarter valued at $53,595,000. J Digital 6 LLC acquired a new position in Forward Industries during the fourth quarter worth $52,535,000. Multicoin Capital Management LLC bought a new position in shares of Forward Industries in the fourth quarter valued at $52,535,000. Alyeska Investment Group L.P. bought a new position in shares of Forward Industries in the fourth quarter valued at $21,484,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Forward Industries during the fourth quarter valued at about $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.