Forward Industries (NASDAQ:FWDI) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Forward Industries (NASDAQ:FWDI) from a hold rating to a sell rating in a research note issued to investors on Saturday.

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

Forward Industries Stock Down 2.1%

FWDI opened at $4.24 on Friday. The business’s fifty day simple moving average is $4.23 and its 200 day simple moving average is $4.67. Forward Industries has a 52 week low of $3.48 and a 52 week high of $46.00. The stock has a market cap of $316.64 million, a PE ratio of -2.07 and a beta of 0.81.

Institutional Trading of Forward Industries

Several institutional investors have recently added to or reduced their stakes in the business. Galaxy Group Investments LLC bought a new position in shares of Forward Industries during the fourth quarter valued at about $53,595,000. J Digital 6 LLC bought a new stake in shares of Forward Industries in the 4th quarter valued at about $52,535,000. Multicoin Capital Management LLC bought a new stake in shares of Forward Industries in the 4th quarter valued at about $52,535,000. Alyeska Investment Group L.P. purchased a new stake in Forward Industries during the 4th quarter valued at about $21,484,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in Forward Industries during the 4th quarter valued at about $8,919,000.

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.