The stock of Forward Industries, Inc. (NASDAQ:FORD) is now priced at $1.77 and the shares are 0.4 points up or 29.2% higher compared to its previous closing price of $1.37. The stock had 37.316 million contracts set over the past session. FORD shares’ daily volume is compared to its average trading volume at 229254 shares. However, it has a float of 6.25 million and although its performance was 32.09% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the FORD share price recently placing at $1.6 to $2.57. However, some brokerage firms have priced the stock below the average.
The shorts are running away from the Forward Industries, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FORD shares have declined. Short interest in the stock represents just 2.08% of its float, but the volume has dropped by -4189. The volume of shorted shares dropped to 129742 from 133931 shares over the last two weeks. The average intraday trading volume has been 43139 shares, which means that days to cover moved to roughly 3.007534.
In the last trading session, Forward Industries, Inc. (NASDAQ:FORD) raised by $0.43 over the week and gained $0.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.71. The stock recorded its established 52-week high on 08/03/20.
Since 09/27/19, the stock has traded to a low of $0.782 at 126.34%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.92. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Forward Industries, Inc.’s two-week RSI is 72.11. This suggests that the stock is oversold at the moment and that FORD shares’ price movement remains not stable. The stochastic readings are equally revealing at 16.37% meaning the FORD share price is currently in overbought territory.
The technical chart shows that the FORD stock will likely settle at between $2.36 and $2.95 per share. However, if the stock dips below $1.39, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.01.
Currently, the stock is trading in the green of MACD, with a reading of 0.0656. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The stocks P/S ratio currently stands below the group’s average of 60.1. Forward Industries, Inc. has its P/E ratio at 2.7, which means that the stock is currently trading at a discount relative to the 11 industry average.