Forward Industries (NASDAQ:FORD) is still reaping the benefits of the announcement it disclosed to the public on Thursday. In fact, investors seem to be so pleased with the Pompano Beach, Florida-based company that the stock reached a new 52-week high today.
What Happened?
Currently, Forward Industries is trading at $3.19, putting the FORD stock up $1.95, or a whopping 157.27%. Over the course of the past 52 weeks, Forward Industries has traded between a range of $1.02 (low) and $1.65 (high).
Forward Industries has a market capitalization of $28.89 million and a price-to-book ratio of 3.22.
I don’t know about you, but I think that a near 200% increase already in the trading day – the market doesn’t close for another 3 hours – is pretty impressive. If I could guess, I would say that investors woke up in a good mood this morning, still feeling excited about the announcement the company made yesterday.
The Announcement
On Thursday, Forward Industries announced to the public that it had acquired product design and development company Intelligent Product Solutions.
Founded in 1962, the same year the first Wal-Mart (NYSE:WMT) discount store opened, Forward Industries is a company that both designs and distributes various product protection for your handheld devices. This is one of the reasons why I think Forward Industries is going to start reaping the benefits of the acquisition very quickly, and you can already see it happening today. Intelligent Product Solutions has a number of leading brands in various sectors such as medical devices, consumer electronics, and security solution providers, therefore I think the two companies are a perfect match.
When asked about the acquisition, CEO Terry Wise stated that Intelligent Product Solutions is an “excellent strategic fit for Forward Industries,” and I couldn’t get agree more.
Additionally, Forward Industries hasn’t really made any significant announcements since it posted its Q4 results on December 14 of last year, which showed a decrease in total revenues from 2016 in Q4 of 2017. So, my guess is that investors are excited to see the company back making headlines.
Featured Image: depositphotos/nikkytok
