Forward Industries (NASDAQ:FWDI) Given New $11.00 Price Target at B. Riley Financial

Forward Industries (NASDAQ:FWDI) had its price objective boosted by equities researchers at B. Riley Financial from $9.00 to $11.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s target price points to a potential upside of 30.41% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 29th. Wall Street Zen raised shares of Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Finally, Cantor Fitzgerald lifted their target price on shares of Forward Industries from $8.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday, September 10th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Forward Industries has a consensus rating of “Hold” and an average target price of $13.50.

Forward Industries Stock Up 3.2%

FWDI traded up $0.27 on Tuesday, hitting $8.44. The company’s stock had a trading volume of 628,386 shares, compared to its average volume of 1,209,461. Forward Industries has a 12 month low of $3.48 and a 12 month high of $33.00. The firm has a market cap of $622.92 million, a P/E ratio of 69.79 and a beta of 0.88. The company’s 50 day simple moving average is $5.20 and its 200-day simple moving average is $4.77.

Forward Industries (NASDAQ:FWDI) last posted its earnings results on Wednesday, August 12th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.84). Forward Industries had a negative net margin of 2,073.82% and a negative return on equity of 18.05%. The company had revenue of $10.78 million for the quarter. Equities analysts predict that Forward Industries will post -0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forward Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWDI. Bank of New York Mellon Corp bought a new stake in Forward Industries during the second quarter worth about $739,000. ParaFi Capital LP bought a new position in shares of Forward Industries during the second quarter valued at approximately $684,000. Aristides Capital LLC purchased a new position in shares of Forward Industries during the fourth quarter valued at approximately $180,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Forward Industries during the second quarter valued at approximately $88,000.

Forward Industries Company Profile

Forward Industries, Inc (NASDAQ: FWDI) is a product design, development and manufacturing company that creates solutions for medical, industrial, consumer electronics and other specialized markets. The company is known for developing protective and carrying products, including custom cases, bags, backpacks and related accessories designed to support the transportation and use of electronic and technical equipment.

Forward Industries serves original equipment manufacturers, distributors and other business customers through customized product development and manufacturing programs.