Companies and Brands
Forward Industries Climbs on New Supply Agreement
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Forward Industries Inc. (NASDAQ: FORD) made a run in Wednesday’s session after it signed a new supply agreement. The company announced that it has signed a three and a half year extension to its existing supply agreement with a Global Healthcare provider to supply Global custom carry cases for its diabetic products through January 2020.
Forward Industries is a designer and distributor of custom carry and protective solutions. Specifically, this company deals with mobile device cases, accessories and even firearms.
Excluding Wednesday’s move, Forward Industries has underperformed the broad markets, with the stock down 22% year to date. However, over the past 52 weeks the stock is actually up about 70%.
Terry Wise, CEO of Forward Industries, commented:
This agreement from another major player in the industry emphatically reflects Forward’s ability to consistently provide a quality compliant product on a timely basis. I am extremely delighted that we continue to uphold our extremely high quality performance ratings from all our multi-national clients – and despite a very challenging, highly regulated and competitive market landscape we continue to be the preferred supplier of choice within the diabetics’ custom cases industry.
Shares of Forward were up 32% at $1.52 on Wednesday, with a consensus analyst price target of $2.28 and a 52-week trading range of $0.60 to $3.90.
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