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Tag: FORD

  • Here is why Forward Industries Inc. (FORD) stock surged in the after-hours on Tuesday?

    Here is why Forward Industries Inc. (FORD) stock surged in the after-hours on Tuesday?

    Forward Industries Inc. (FORD) stock started the Tuesday trading by losing 3.19% in the morning session and closed at $2.73 per share. But in the after-market session, FORD shares soared 35.53% and close the Tuesday business at $3.7 per share. FORD shares have risen 106.82% over the last 12 months, and they have moved down8.70% in the past week. Over the past three months, the stock has lost 18.99%, while over the past six months, it has added 59.65%.

    Let’s have a look at its recent news and developments.

    Distribution agreement with Chipolo

    On June 15, 2021, Forward Industries, Incsigned an agreement with Chipolo Inc. to distribute its tracker products in the U.S., via exclusive distribution agreements with select big box stores and other retailers.

    Chipolo ONE Spotis one of the first third-party accessories that work with the Apple Find My network, enabling users to go to the Find My app and see the missing item on a map. Chipolo other products work with through its app.

    Recent financial results

    On May 14, 2021, Forward Industries, Inc reported its financial results for its second fiscal quarter ended March 31, 2021.

    Q2 2021 financial highlights

    • Forward Industries reported revenue of $8.4 million for Q2 2021 compared to $7.9 million for the three months ended March 31, 2020.
    • For the reported quarter, the gross margin was 20.8%compared to 18.3% for the three months ended March 31, 2020.
    • it reported an operating loss of $0.8 million for Q2 2021 compared to $1.7 million for Q2 2020.
    • For Q2 2021, the net loss was $0.8 million, compared to $1.4 million for the three months ended March 31, 2020.
    • Basic and diluted loss per share was $0.08 for Q2 2021, compared to $0.14 for Q2 2020.
    • As of March 31, 2021, the company had cash and cash equivalents totalled $1.5 million.

    Fiscal 2021 First Quarter results announcement

    OnFebruary 12, 2021, Forward Industries, Inc reported its financial results for its first quarter ended December 31, 2020. 

    Q1 2021 financial highlights

    • Forward Industries reported revenue of $9.7 million for Q1 2021 compared to $8.4 million for the three months ended December 31, 2019.
    • For Q1 2021, the gross margin was 23.3% compared to 20.5% for Q1 2020.
    • Operating loss was $167 thousand for Q1 2021 compared to $29 thousand for the three months ended December 31, 2019.
    • For Q1 2021, net income was 1.2 million compared to a net loss of $82 thousand for the three months ended December 31, 2019.
    • Basic and diluted earnings/(loss) per share were $0.12 compared to $0.01 for Q1 2020.
    • As of December 31, 2020, the company had cash and cash equivalents totalled $2.3 million.

    Conclusion

    The Distribution agreement with Chipolo is the reason behind its exceptional surge in the evening session on Tuesday and we hope that FORD will continue its momentum on Wednesday.

  • Stocks to Watch as Big Retailers Raise Market Optimism

    Stocks to Watch as Big Retailers Raise Market Optimism

    It’s a good start to the markets this morning.  All the major indices are in the green after major retailers posted strong revenue numbers. Earlier in the day, Walmart reported its Q2 earnings and they were much better than the consensus estimates.

    The company reported that comparable same-store sales were up by 9.3% in the quarter. It also reported that e-commerce sales were almost double in Q2. The company attributed this to increased online shopping as consumers tried to avoid the risk of contracting COVID-19.  Another retailer that has recorded strong results pre-market is Home Depot. The company has reported that Q2 sales grew by 23.4%, compared to a similar quarter in the last financial year.

    Other stocks that have driven optimism are Amazon and Tesla after a positive outlook for both. Analysis by  Needham market analysts show that Amazon could be worth as high as $5000 a share, and this has helped renew optimism in the stock, and the equity markets in general. In this environment of increased optimism, several stocks rallied pre-market and look set to continue these gains in the day. Some of the stocks likely to outperform this morning are:

    MICT Inc [NASDAQ: MICT]

    MICT Inc was a top performer pre-market and at one point was up by 93%. The stock’s strong performance is a reflection of improved market sentiment after the company announced that it had received its first big order for SmartCam. The order came after the company announced that it had a successful trial of the camera with a top Global Telematics Company. The company’s software brings together the latest technology in software and artificial intelligence and is targeting the $45 billion telematics market. Commenting on the deal, CEO Darren Mercer stated that, they expect to sell a sizeable portion of this product by the end of 2020. Given the prospects that the tech offered for the company in revenue growth, It could make significant gains in the day.

    Forward Industries Inc [NASDAQ: FORD]

    Forward Industries Inc was rallying all through the day and looks set to continue this momentum in the day. This is after the company announced that it had bought out Kablooe Design. The company announced that the deal would be a mix of debt and cash. Given that Kablooe is the 3rd biggest maker of medical devices in the U.S., investors are looking forward to an increase in the intrinsic value of Forward Industries, and the same reflects in its stock price.

    NovaBay Pharmaceuticals Inc [NYSE: NBY]

    NovaBay was another top performer pre-market and from its price action, this momentum is set to continue in the day. This comes after the company announced that it was expanding its online distribution for Avenova. The company stated that Avenova, a facial spray confirmed to kill the SARS-Cov-2 virus would now be available online.