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

Franklin Wireless Corp. (NASDAQ:FKWL) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 32,909 shares, an increase of 144.2% from the July 15th total of 13,476 shares. Based on an average trading volume of 24,880 shares, the short-interest ratio is currently 1.3 days. Approximately 0.4% of the company’s stock are sold short.

Hedge Funds Weigh In On Franklin Wireless

A number of institutional investors have recently modified their holdings of FKWL. BlackRock Inc. purchased a new stake in Franklin Wireless in the second quarter worth about $87,000. Fortis Capital Management LLC grew its stake in shares of Franklin Wireless by 69.0% during the first quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock worth $93,000 after acquiring an additional 10,000 shares during the last quarter. Osaic Holdings Inc. increased its stake in Franklin Wireless by 5.5% during the 4th quarter. Osaic Holdings Inc. now owns 133,903 shares of the company’s stock valued at $585,000 after purchasing an additional 7,000 shares in the last quarter. Founders Financial Securities LLC purchased a new position in Franklin Wireless in the 4th quarter worth $59,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Franklin Wireless in the second quarter worth about $44,000. 18.49% of the stock is owned by hedge funds and other institutional investors.

Franklin Wireless Trading Down 0.6%

FKWL stock traded down $0.01 during midday trading on Friday, reaching $2.38. 9,623 shares of the company’s stock traded hands, compared to its average volume of 19,683. The stock’s 50-day moving average is $2.47 and its 200 day moving average is $3.25. The stock has a market cap of $27.98 million, a P/E ratio of -39.58 and a beta of 0.28. Franklin Wireless has a 52-week low of $2.21 and a 52-week high of $5.48.

Franklin Wireless (NASDAQ:FKWL) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.12). Franklin Wireless had a negative net margin of 2.07% and a negative return on equity of 2.98%. The company had revenue of $3.44 million for the quarter, compared to analysts’ expectations of $9.90 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded Franklin Wireless from a “sell (d)” rating to a “sell (e+)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.00.

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.