Franklin Wireless Corp. (NASDAQ:FKWL) Sees Large Growth in Short Interest

Franklin Wireless Corp. (NASDAQ:FKWL) saw a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 23,332 shares, a growth of 64.1% from the May 14th total of 14,221 shares. Based on an average daily trading volume, of 22,799 shares, the short-interest ratio is presently 1.0 days. Approximately 0.3% of the company’s shares are short sold.

Franklin Wireless Trading Down 5.4%

Shares of Franklin Wireless stock opened at $2.64 on Tuesday. The company has a fifty day moving average price of $3.32 and a 200 day moving average price of $3.82. Franklin Wireless has a twelve month low of $2.63 and a twelve month high of $5.48. The stock has a market cap of $31.10 million, a price-to-earnings ratio of -44.00 and a beta of 0.25.

Franklin Wireless (NASDAQ:FKWL) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.12). The business had revenue of $3.44 million for the quarter, compared to analysts’ expectations of $9.90 million. Franklin Wireless had a negative return on equity of 2.98% and a negative net margin of 2.07%.

Hedge Funds Weigh In On Franklin Wireless

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its position in Franklin Wireless by 5.5% in the 4th 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 during the last quarter. Fortis Capital Management LLC boosted its position in Franklin Wireless by 69.0% in the 1st quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock valued at $93,000 after buying an additional 10,000 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in Franklin Wireless in the 2nd quarter valued at about $44,000. Goldman Sachs Group Inc. purchased a new position in Franklin Wireless in the 1st quarter valued at about $66,000. Finally, Smith Moore & CO. boosted its position in Franklin Wireless by 14.5% in the 4th quarter. Smith Moore & CO. now owns 96,400 shares of the company’s stock valued at $421,000 after buying an additional 12,228 shares during the last quarter. 18.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Franklin Wireless from a “sell (d)” rating to a “sell (e+)” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.00.

About Franklin Wireless

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.