Forward Industries (NASDAQ:FWDI) Shares Gap Up – Here’s Why

Forward Industries, Inc. (NASDAQ:FWDI) gapped up before the market opened on Wednesday. The stock had previously closed at $8.01, but opened at $8.37. Forward Industries shares last traded at $8.14, with a volume of 290,441 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Cantor Fitzgerald increased their target price on shares of Forward Industries from $8.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, September 10th. Weiss Ratings raised shares of Forward Industries from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Forward Industries from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Finally, B. Riley Financial raised their price objective on Forward Industries from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 22nd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.50.

Forward Industries Stock Up 0.0%

The company has a market cap of $591.66 million, a price-to-earnings ratio of 66.77 and a beta of 0.88. The company’s fifty day moving average price is $5.68 and its two-hundred day moving average price is $4.91.

Forward Industries (NASDAQ:FWDI) last released its earnings results on Wednesday, August 12th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.84). The firm 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%. On average, equities research analysts predict that Forward Industries, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forward Industries

Institutional investors have recently bought and sold shares of the company. WINTON GROUP Ltd bought a new position in shares of Forward Industries during the 2nd quarter worth approximately $88,000. ParaFi Capital LP bought a new stake in shares of Forward Industries in the second quarter worth $684,000. Bank of New York Mellon Corp acquired a new position in Forward Industries during the second quarter worth $739,000. Finally, Aristides Capital LLC acquired a new position in Forward Industries during the fourth quarter worth $180,000.

About Forward Industries

Forward Industries, Inc (NASDAQ: FWDI) is a product design, development and manufacturing company that creates solutions for medical, industrial, consumer electronics and other specialized markets. The company is known for developing protective and carrying products, including custom cases, bags, backpacks and related accessories designed to support the transportation and use of electronic and technical equipment.

Forward Industries serves original equipment manufacturers, distributors and other business customers through customized product development and manufacturing programs.