Forward Industries, Inc. (NASDAQ:FORD) Sees Significant Growth in Short Interest

Forward Industries, Inc. (NASDAQ:FORD) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 25,700 shares, a growth of 52.1% from the February 28th total of 16,900 shares. Currently, 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 16,300 shares, the days-to-cover ratio is currently 1.6 days.

Forward Industries Trading Down 7.1 %

NASDAQ:FORD traded down $0.31 during mid-day trading on Friday, hitting $4.03. The company had a trading volume of 42,824 shares, compared to its average volume of 118,195. The business has a fifty day simple moving average of $5.08 and a 200-day simple moving average of $4.47. Forward Industries has a 1 year low of $3.10 and a 1 year high of $8.29.

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

Institutional Trading of Forward Industries

A hedge fund recently bought a new stake in Forward Industries stock. Citadel Advisors LLC purchased a new position in shares of Forward Industries, Inc. (NASDAQ:FORD) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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 quarter.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Forward Industries in a report on Saturday. They set a “hold” rating for the company.

About Forward Industries

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.