Forward Industries (NASDAQ:FWDI) Shares Down 3.9% – Here’s What Happened

Forward Industries, Inc. (NASDAQ:FWDI)’s stock price fell 3.9% during mid-day trading on Thursday . The company traded as low as $4.79 and last traded at $4.92. 925,702 shares traded hands during mid-day trading, an increase of 8% from the average session volume of 856,489 shares. The stock had previously closed at $5.12.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Forward Industries in a research report on Friday, December 26th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Forward Industries Stock Down 3.9%

The firm has a market capitalization of $409.04 million, a PE ratio of -1.32 and a beta of 0.76. The business has a 50 day moving average price of $6.17.

Forward Industries (NASDAQ:FWDI) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.08 EPS for the quarter. Forward Industries had a negative net margin of 2,148.40% and a negative return on equity of 27.36%. The company had revenue of $21.44 million during the quarter.

Hedge Funds Weigh In On Forward Industries

Hedge funds have recently made changes to their positions in the stock. Aristides Capital LLC purchased a new stake in shares of Forward Industries during the 4th quarter valued at $180,000. Galaxy Group Investments LLC purchased a new stake in Forward Industries during the fourth quarter valued at about $53,595,000. XTX Topco Ltd acquired a new stake in Forward Industries during the fourth quarter worth about $419,000. nVerses Capital LLC acquired a new stake in Forward Industries during the fourth quarter worth about $99,000. Finally, SummitTX Capital L.P. purchased a new position in shares of Forward Industries in the 4th quarter worth about $81,000.

About Forward Industries

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.