Forward Industries (NASDAQ:FWDI) Posts Earnings Results, Misses Estimates By $0.84 EPS

by · The Markets Daily

Forward Industries (NASDAQ:FWDI – Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.84), FiscalAI reports. Forward Industries had a negative net margin of 2,305.12% and a negative return on equity of 21.42%. The firm had revenue of $10.78 million for the quarter.

Forward Industries Price Performance

FWDI stock traded up $0.12 during mid-day trading on Wednesday, reaching $4.40. 1,031,609 shares of the company traded hands, compared to its average volume of 1,019,367. The company has a market capitalization of $328.59 million, a P/E ratio of -2.15 and a beta of 0.81. Forward Industries has a 52-week low of $3.48 and a 52-week high of $46.00. The company has a fifty day moving average price of $4.22 and a 200-day moving average price of $4.65.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FWDI shares. Zacks Research upgraded Forward Industries to a “hold” rating in a research note on Monday, April 27th. Wall Street Zen downgraded shares of Forward Industries from a “hold” rating to a “sell” rating in a research note on Saturday. Cantor Fitzgerald raised shares of Forward Industries to a “strong-buy” rating in a research report on Thursday, July 2nd. Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Forward Industries in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.45.

Get Our Latest Analysis on Forward Industries

Institutional Investors Weigh In On Forward Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in Forward Industries during the second quarter valued at approximately $739,000. Aristides Capital LLC purchased a new stake in Forward Industries in the 4th quarter worth approximately $180,000. Galaxy Group Investments LLC purchased a new stake in Forward Industries in the 4th quarter worth approximately $53,595,000. XTX Topco Ltd bought a new position in Forward Industries in the 4th quarter valued at $419,000. Finally, nVerses Capital LLC purchased a new position in shares of Forward Industries during the 4th quarter valued at $99,000.

Forward Industries Company Profile

(Get Free Report)

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.

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