B. Riley Financial Cuts Forward Industries (NASDAQ:FWDI) Price Target to $7.00

Forward Industries (NASDAQ:FWDI) had its price target reduced by B. Riley Financial from $8.00 to $7.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on FWDI. Zacks Research raised Forward Industries to a “hold” rating in a research note on Monday, April 27th. Cantor Fitzgerald lifted their price objective on Forward Industries from $7.90 to $8.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings raised Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen cut Forward Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Two investment 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.50.

Forward Industries Stock Up 2.9%

NASDAQ FWDI opened at $4.26 on Thursday. The company has a market capitalization of $318.14 million, a price-to-earnings ratio of -2.08 and a beta of 0.81. Forward Industries has a twelve month low of $3.48 and a twelve month high of $46.00. The stock has a fifty day simple moving average of $4.24 and a 200 day simple moving average of $4.60.

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

Institutional Trading of Forward Industries

A number of institutional investors have recently bought and sold shares of the company. Wolverine Asset Management LLC acquired a new stake in Forward Industries during the fourth quarter worth approximately $909,000. Schonfeld Strategic Advisors LLC bought a new stake in Forward Industries in the fourth quarter worth approximately $175,000. Cetera Investment Advisers acquired a new position in Forward Industries in the fourth quarter valued at approximately $111,000. OMERS ADMINISTRATION Corp acquired a new position in Forward Industries in the fourth quarter valued at approximately $177,000. Finally, Verition Fund Management LLC bought a new position in shares of Forward Industries during the 4th quarter worth approximately $174,000.

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.