Forward Industries (NASDAQ:FORD) Stock Price Crosses Below 200-Day Moving Average – Here’s Why

Shares of Forward Industries, Inc. (NASDAQ:FORD) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.45 and traded as low as $4.15. Forward Industries shares last traded at $4.59, with a volume of 20,425 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Forward Industries in a research note on Wednesday. They issued a “hold” rating for the company.

Forward Industries Price Performance

The firm has a 50 day moving average of $5.54 and a 200-day moving average of $4.45.

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

Institutional Investors Weigh In On Forward Industries

A hedge fund recently bought a new stake in Forward Industries stock. Citadel Advisors LLC purchased a new stake in Forward Industries, Inc. (NASDAQ:FORD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,705 shares of the textile maker’s stock, valued at approximately $53,000. Citadel Advisors LLC owned about 0.97% of Forward Industries as of its most recent filing with the Securities and Exchange Commission.

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.