Initiates Coverage on Forward Industries (NASDAQ:FORD) assumed coverage on shares of Forward Industries (NASDAQ:FORDGet Rating) in a note issued to investors on Sunday. The firm set a “hold” rating on the textile maker’s stock.

Shares of Forward Industries stock opened at $1.46 on Friday. The stock has a market capitalization of $14.69 million, a price-to-earnings ratio of -146.01 and a beta of 0.79. Forward Industries has a twelve month low of $1.06 and a twelve month high of $3.68. The company has a 50-day simple moving average of $1.63 and a two-hundred day simple moving average of $1.66.

A hedge fund recently bought a new stake in Forward Industries stock. Citadel Advisors LLC acquired a new stake in Forward Industries, Inc. (NASDAQ:FORDGet Rating) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 15,931 shares of the textile maker’s stock, valued at approximately $47,000. Citadel Advisors LLC owned 0.16% of Forward Industries as of its most recent SEC filing. 18.88% of the stock is owned by institutional investors and hedge funds.

About Forward Industries (Get Rating)

Forward Industries, Inc, together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for handheld electronic devices. The company operates in three segments: OEM Distribution, Retail Distribution, and Design. The OEM Distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; and various portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, GPS devices, tablets, and firearms.

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