Forward Industries, Inc. (NASDAQ:FWDI) Short Interest Update

Forward Industries, Inc. (NASDAQ:FWDI) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 4,568,390 shares, an increase of 92.2% from the June 15th total of 2,376,503 shares. Based on an average daily volume of 2,225,474 shares, the short-interest ratio is currently 2.1 days. Approximately 7.3% of the shares of the company are short sold.

Forward Industries Trading Down 5.4%

FWDI opened at $4.01 on Friday. The company has a 50 day moving average of $4.38 and a 200 day moving average of $5.08. The company has a market cap of $299.47 million, a PE ratio of -1.96 and a beta of 0.79. Forward Industries has a 12 month low of $3.48 and a 12 month high of $46.00.

Institutional Investors Weigh In On Forward Industries

Several institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new position in shares of Forward Industries in the fourth quarter valued at $909,000. Geode Capital Management LLC purchased a new stake in Forward Industries during the 4th quarter worth about $5,350,000. Goldman Sachs Group Inc. bought a new position in Forward Industries in the 4th quarter worth about $540,000. State of Wyoming purchased a new position in Forward Industries during the 4th quarter valued at about $189,000. Finally, Renaissance Technologies LLC purchased a new position in Forward Industries during the 4th quarter valued at about $161,000.

Analysts Set New Price Targets

FWDI has been the topic of several research reports. Wall Street Zen upgraded Forward Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings downgraded Forward Industries from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 9th. Cantor Fitzgerald upgraded Forward Industries to a “strong-buy” rating in a research note on Thursday, July 2nd. B. Riley Financial reissued a “buy” rating on shares of Forward Industries in a report on Friday, May 15th. Finally, Zacks Research upgraded Forward Industries to a “hold” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Forward Industries has an average rating of “Moderate Buy” and a consensus target price of $7.45.

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.