Franklin Wireless Corp. (NASDAQ:FKWL) Short Interest Up 144.2% in July

Franklin Wireless Corp. (NASDAQ:FKWL) was the target of a large increase in short interest in July. As of July 31st, there was short interest totaling 32,909 shares, an increase of 144.2% from the July 15th total of 13,476 shares. Based on an average trading volume of 24,880 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.4% of the shares of the stock are short sold.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Franklin Wireless from a “sell (d)” rating to a “sell (e+)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $6.00.

Institutional Trading of Franklin Wireless

Several large investors have recently bought and sold shares of the business. Evergreen Capital Management LLC purchased a new position in Franklin Wireless in the 2nd quarter worth approximately $44,000. Founders Financial Securities LLC purchased a new stake in shares of Franklin Wireless in the fourth quarter valued at approximately $59,000. Goldman Sachs Group Inc. acquired a new stake in shares of Franklin Wireless in the first quarter valued at approximately $66,000. BlackRock Inc. purchased a new position in Franklin Wireless during the second quarter worth approximately $87,000. Finally, Fortis Capital Management LLC lifted its position in Franklin Wireless by 69.0% during the first quarter. Fortis Capital Management LLC now owns 24,500 shares of the company’s stock worth $93,000 after buying an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 18.49% of the company’s stock.

Franklin Wireless Trading Up 1.7%

NASDAQ:FKWL traded up $0.04 during trading hours on Friday, reaching $2.43. 14,138 shares of the company were exchanged, compared to its average volume of 20,665. The firm has a market cap of $28.64 million, a PE ratio of -40.50 and a beta of 0.28. Franklin Wireless has a twelve month low of $2.21 and a twelve month high of $5.48. The stock’s 50-day moving average is $2.46 and its 200-day moving average is $3.24.

Franklin Wireless (NASDAQ:FKWL) last released its earnings results on Friday, May 15th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.12). Franklin Wireless had a negative return on equity of 2.98% and a negative net margin of 2.07%.The company had revenue of $3.44 million for the quarter, compared to analysts’ expectations of $9.90 million.

About Franklin Wireless

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.