StockNews.com Initiates Coverage on Forward Industries (NASDAQ:FORD)

Equities researchers at StockNews.com initiated coverage on shares of Forward Industries (NASDAQ:FORD) in a research note issued on Saturday. The brokerage set a “hold” rating on the textile maker’s stock.

Forward Industries Stock Down 7.1 %

NASDAQ:FORD opened at $4.03 on Friday. The company has a 50 day simple moving average of $5.08 and a two-hundred day simple moving average of $4.47. Forward Industries has a 12 month low of $3.10 and a 12 month high of $8.29.

Forward Industries (NASDAQ:FORD) last released its quarterly earnings results on Thursday, February 13th. The textile maker reported ($0.64) earnings per share (EPS) for the quarter. The firm had revenue of $6.62 million during the quarter. Forward Industries had a negative return on equity of 227.10% and a negative net margin of 7.77%.

Hedge Funds Weigh In On Forward Industries

An institutional investor recently bought a new position in Forward Industries stock. Citadel Advisors LLC acquired a new position in Forward Industries, Inc. (NASDAQ:FORD) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,705 shares of the textile maker’s stock, valued at approximately $53,000. Citadel Advisors LLC owned approximately 0.97% of Forward Industries at the end of the most recent reporting period.

Forward Industries Company Profile

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