Franklin Wireless (NASDAQ:FKWL) Stock Price Up 1.9% – Here’s What Happened

Franklin Wireless Corp. (NASDAQ:FKWL) was up 1.9% on Thursday . The company traded as high as $4.19 and last traded at $4.19. Approximately 8,690 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 14,610 shares. The stock had previously closed at $4.11.

Analyst Upgrades and Downgrades

FKWL has been the topic of a number of analyst reports. Lake Street Capital started coverage on Franklin Wireless in a research note on Monday, October 13th. They issued a “buy” rating and a $6.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Franklin Wireless in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Franklin Wireless currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Franklin Wireless Stock Up 1.9%

The business has a fifty day simple moving average of $4.38 and a 200-day simple moving average of $4.36.

Franklin Wireless (NASDAQ:FKWL) last released its earnings results on Friday, November 14th. The company reported $0.05 earnings per share for the quarter, topping 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 firm had revenue of $12.74 million for the quarter, compared to the consensus estimate of $7.20 million.

Franklin Wireless Announces Dividend

The firm also recently announced a special dividend, which was paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th were issued a dividend of $0.04 per share. The ex-dividend date was Friday, November 14th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FKWL. Goldman Sachs Group Inc. bought a new position in shares of Franklin Wireless during the first quarter valued at $66,000. Acadian Asset Management LLC lifted its position in Franklin Wireless by 175.5% in the 1st quarter. Acadian Asset Management LLC now owns 25,450 shares of the company’s stock valued at $144,000 after acquiring an additional 16,211 shares in the last quarter. Ritholtz Wealth Management boosted its stake in Franklin Wireless by 101.0% during the 2nd quarter. Ritholtz Wealth Management now owns 34,762 shares of the company’s stock valued at $145,000 after purchasing an additional 17,466 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in shares of Franklin Wireless in the 2nd quarter worth $44,000. Finally, Osaic Holdings Inc. raised its stake in shares of Franklin Wireless by 25.2% in the second quarter. Osaic Holdings Inc. now owns 115,200 shares of the company’s stock worth $482,000 after purchasing an additional 23,200 shares during the last quarter. 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.