Forward Industries (NASDAQ:FWDI) Trading Down 4.9% – Here’s Why

Forward Industries, Inc. (NASDAQ:FWDI)’s stock price was down 4.9% on Wednesday . The stock traded as low as $3.84 and last traded at $3.85. Approximately 968,521 shares changed hands during trading, a decline of 5% from the average daily volume of 1,014,908 shares. The stock had previously closed at $4.05.

Analyst Ratings Changes

Several analysts recently weighed in on FWDI shares. B. Riley Financial restated a “buy” rating on shares of Forward Industries in a report on Friday, May 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Forward Industries in a report on Monday, May 4th. Wall Street Zen downgraded Forward Industries from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Zacks Research raised Forward Industries to a “hold” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Forward Industries presently has an average rating of “Hold” and an average target price of $7.00.

Forward Industries Trading Down 4.9%

The stock’s 50-day simple moving average is $4.51. The firm has a market capitalization of $287.52 million, a P/E ratio of -1.88 and a beta of 0.78.

Hedge Funds Weigh In On Forward Industries

Several hedge funds have recently bought and sold shares of FWDI. Barclays PLC bought a new position in Forward Industries in the 4th quarter valued at $43,000. Vontobel Holding Ltd. bought a new position in Forward Industries in the 4th quarter valued at $78,000. SummitTX Capital L.P. bought a new position in Forward Industries in the 4th quarter valued at $81,000. nVerses Capital LLC bought a new position in Forward Industries in the 4th quarter valued at $99,000. Finally, Cetera Investment Advisers bought a new position in Forward Industries in the 4th quarter valued at $111,000.

Forward Industries Company Profile

Forward Industries, Inc is a company that designs, manufactures and markets protective solutions and accessories for portable electronic devices. Its product range typically includes protective cases, covers, sleeves, holsters and carrying solutions tailored for smartphones, tablets and other consumer electronics, along with related accessory items. The company combines industrial design and materials engineering to produce products that protect devices from impact, abrasion and everyday wear.

The business model centers on product design, sourcing and distribution for retail, wholesale and original equipment manufacturer (OEM) channels.