Franklin Wireless (NASDAQ:FKWL) Trading Up 3.4% – Here’s Why

Franklin Wireless Corp. (NASDAQ:FKWL) shares rose 3.4% during mid-day trading on Friday . The stock traded as high as $4.42 and last traded at $4.28. Approximately 30,189 shares were traded during trading, an increase of 168% from the average daily volume of 11,282 shares. The stock had previously closed at $4.14.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Franklin Wireless in a research note on Wednesday, October 8th. Lake Street Capital initiated coverage on shares of Franklin Wireless in a research report on Monday, October 13th. They set a “buy” rating and a $6.00 price target for the company. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.00.

Franklin Wireless Stock Performance

The business has a fifty day moving average of $4.71 and a 200 day moving average of $4.33.

Franklin Wireless (NASDAQ:FKWL) last issued its quarterly earnings data on Friday, November 14th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.14. Franklin Wireless had a negative net margin of 0.26% and a negative return on equity of 0.31%. The business had revenue of $12.74 million for the quarter, compared to the consensus estimate of $7.20 million.

Franklin Wireless Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Tuesday, December 2nd. Shareholders of record on Friday, November 14th were issued a $0.04 dividend. The ex-dividend date was Friday, November 14th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Evergreen Capital Management LLC purchased a new position in shares of Franklin Wireless in the 2nd quarter valued at approximately $44,000. Goldman Sachs Group Inc. bought a new stake in shares of Franklin Wireless during the first quarter valued at approximately $66,000. Acadian Asset Management LLC grew its stake in Franklin Wireless by 175.5% in the first 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 during the period. Ritholtz Wealth Management raised its holdings in Franklin Wireless by 101.0% in the second quarter. Ritholtz Wealth Management now owns 34,762 shares of the company’s stock worth $145,000 after purchasing an additional 17,466 shares in the last quarter. Finally, Smith Moore & CO. raised 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 worth $367,000 after purchasing an additional 18,900 shares in the last quarter. Hedge funds and other institutional investors own 18.49% of the company’s stock.

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.