B. Riley Financial Issues Pessimistic Forecast for Forward Industries (NASDAQ:FWDI) Stock Price

Forward Industries (NASDAQ:FWDI) had its target price cut by investment analysts at B. Riley Financial from $8.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial’s target price would indicate a potential upside of 61.85% from the company’s previous close.

Several other equities analysts also recently issued reports on FWDI. Wall Street Zen downgraded shares of Forward Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Zacks Research upgraded shares of Forward Industries to a “hold” rating in a research report on Monday, April 27th. Finally, Cantor Fitzgerald boosted their target price on shares of Forward Industries from $7.90 to $8.00 and gave the company an “overweight” rating in a research note on Thursday. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.50.

Forward Industries Trading Down 1.7%

Shares of Forward Industries stock opened at $4.33 on Thursday. The stock has a market capitalization of $322.99 million, a price-to-earnings ratio of -2.11 and a beta of 0.81. Forward Industries has a twelve month low of $3.48 and a twelve month high of $46.00. The business’s 50 day simple moving average is $4.23 and its 200-day simple moving average is $4.63.

Forward Industries (NASDAQ:FWDI) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.84). The company had revenue of $10.78 million for the quarter. Forward Industries had a negative net margin of 2,305.12% and a negative return on equity of 21.42%. Sell-side analysts predict that Forward Industries will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Forward Industries

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