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

Forward Industries (NASDAQ:FWDI) had its target price dropped by B. Riley Financial from $8.00 to $7.00 in a report issued on Thursday, August 13th, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s price objective would indicate a potential downside of 9.58% from the stock’s current price.

Several other research firms have also issued reports on FWDI. Wall Street Zen lowered shares of Forward Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Zacks Research upgraded shares of Forward Industries to a “hold” rating in a report on Monday, April 27th. Finally, Cantor Fitzgerald upped their price objective on shares of Forward Industries from $7.90 to $8.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.50.

Forward Industries Stock Down 0.7%

NASDAQ FWDI traded down $0.06 during trading on Thursday, reaching $7.74. 1,108,827 shares of the stock traded hands, compared to its average volume of 1,245,058. The firm has a market cap of $571.75 million, a price-to-earnings ratio of 64.38 and a beta of 0.88. The stock’s 50-day moving average price is $5.75 and its 200 day moving average price is $4.93. Forward Industries has a fifty-two week low of $3.48 and a fifty-two week high of $28.25.

Forward Industries (NASDAQ:FWDI) last announced its quarterly 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). The company had revenue of $10.78 million during the quarter. Forward Industries had a negative net margin of 2,073.82% and a negative return on equity of 18.05%. Analysts anticipate that Forward Industries will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Forward Industries

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new position in Forward Industries during the 2nd quarter valued at $739,000. ParaFi Capital LP bought a new position in Forward Industries during the 2nd quarter valued at $684,000. Wolverine Asset Management LLC bought a new position in Forward Industries during the 4th quarter valued at $909,000. Aristides Capital LLC bought a new position in Forward Industries during the 4th quarter valued at $180,000. Finally, WINTON GROUP Ltd bought a new position in Forward Industries during the 2nd quarter valued at $88,000.

About Forward Industries

Forward Industries, Inc, together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for handheld electronic devices. The company operates in three segments: OEM Distribution, Retail Distribution, and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS devices, tablets, and firearms.