Franklin Wireless Corp. (NASDAQ:FKWL) Short Interest Up 60.8% in August

Franklin Wireless Corp. (NASDAQ:FKWL) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 66,010 shares, a growth of 60.8% from the August 15th total of 41,055 shares. Approximately 0.8% of the company’s shares are sold short. Based on an average trading volume of 13,130 shares, the days-to-cover ratio is currently 5.0 days.

Franklin Wireless Trading Up 3.4%

Shares of FKWL traded up $0.08 during trading hours on Thursday, reaching $2.45. 10,256 shares of the company traded hands, compared to its average volume of 18,592. The stock’s fifty day moving average price is $2.39 and its 200 day moving average price is $2.97. The firm has a market cap of $28.86 million, a price-to-earnings ratio of -40.83 and a beta of 0.31. Franklin Wireless has a 12-month low of $2.21 and a 12-month high of $5.48.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Franklin Wireless in a report on Friday, August 21st. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Franklin Wireless currently has an average rating of “Hold” and a consensus price target of $6.00.

Hedge Funds Weigh In On Franklin Wireless

A number of institutional investors have recently modified their holdings of the stock. Susquehanna International Group LLP lifted its holdings in shares of Franklin Wireless by 2,417.2% in the 2nd quarter. Susquehanna International Group LLP now owns 434,667 shares of the company’s stock worth $1,104,000 after buying an additional 417,399 shares during the period. BlackRock Inc. bought a new stake in shares of Franklin Wireless in the second quarter valued at about $87,000. Fortis Capital Management LLC raised its holdings in shares of Franklin Wireless by 69.0% in the first quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock valued at $93,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Founders Financial Securities LLC purchased a new stake in Franklin Wireless in the fourth quarter worth about $59,000. 18.49% of the stock is owned by hedge funds and other institutional investors.

About Franklin Wireless

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.