Franklin Wireless (NASDAQ:FKWL) Releases Quarterly Earnings Results

Franklin Wireless (NASDAQ:FKWL) posted its quarterly earnings data on Friday. The company reported ($0.13) earnings per share for the quarter, FiscalAI reports. The firm had revenue of $3.44 million during the quarter. Franklin Wireless had a net margin of 0.47% and a negative return on equity of 0.55%.

Franklin Wireless Stock Down 10.1%

Shares of NASDAQ FKWL traded down $0.35 during mid-day trading on Friday, hitting $3.10. 392,938 shares of the company were exchanged, compared to its average volume of 15,289. The stock has a 50 day simple moving average of $3.65 and a 200-day simple moving average of $4.13. Franklin Wireless has a 1-year low of $3.00 and a 1-year high of $5.48. The firm has a market cap of $36.52 million, a price-to-earnings ratio of 155.08 and a beta of 0.32.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Franklin Wireless from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $6.00.

Institutional Investors Weigh In On Franklin Wireless

Hedge funds have recently modified their holdings of the stock. Smith Moore & CO. lifted its holdings in Franklin Wireless by 29.0% in the third quarter. Smith Moore & CO. now owns 84,172 shares of the company’s stock valued at $367,000 after acquiring an additional 18,900 shares during the period. Founders Financial Securities LLC purchased a new position in shares of Franklin Wireless in the fourth quarter valued at $59,000. Evergreen Capital Management LLC purchased a new position in shares of Franklin Wireless in the second quarter valued at $44,000. Osaic Holdings Inc. increased its position in shares of Franklin Wireless by 5.5% in the fourth quarter. Osaic Holdings Inc. now owns 133,903 shares of the company’s stock valued at $585,000 after buying an additional 7,000 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Franklin Wireless by 175.5% during the 1st quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock worth $144,000 after purchasing an additional 16,211 shares in the last quarter. 18.49% of the stock is owned by institutional investors and hedge funds.

Franklin Wireless Company Profile

Franklin Wireless Corporation, headquartered in Fremont, California, designs and manufactures a range of cellular wireless devices and solutions. The company’s product lineup includes 4G LTE and 5G NR modules, routers, gateways and USB dongles under its MYFi brand, catering to both consumer and industrial applications. Franklin Wireless focuses on high-speed data communications, remote monitoring and mobile broadband, making its devices suitable for IoT deployments, enterprise networking and M2M connectivity.

Since its founding in 2005, Franklin Wireless has combined in-house research and development with strategic manufacturing partnerships across Asia and North America.