Cantor Fitzgerald rates Forward Industries Overweight, sets $7.9 target

Cantor Fitzgerald analyst Gareth Gacetta has initiated coverage on Forward Industries with an Overweight rating and a price target of $7.9. The rating reflects a positive outlook on the company's performance and potential for growth in the market.

Analyst Rating and Price Target

The Overweight rating suggests that Forward Industries is expected to outperform the broader market or its sector peers. The price target of $7.9 provides a specific valuation benchmark for investors, indicating the firm's confidence in the stock's upward trajectory.

Metric	Value
Rating	Overweight
Price Target	$7.9
Analyst	Gareth Gacetta
Exchange	NASDAQ

Forward Industries trades on the NASDAQ under the ticker symbol FWDI. The initiation of coverage by Cantor Fitzgerald marks a significant development for the company, potentially influencing investor sentiment and trading activity.

Forward Industries, Inc. acquired over 500,000 SOL during fiscal Q3 of 2026 at an average purchase price of approximately $79 per SOL, increasing its total Solana treasury to 7.55M SOL as of June 30, 2026. The company, which positions itself as a leading Solana treasury company, utilized capital raised from public markets to expand its holdings in an accretive manner for shareholders. This strategic acquisition follows the company's inclusion in the Russell 2000 and Russell 3000 Indexes, enhancing its ability to access capital when its shares trade at a premium to net asset value (NAV).

Capital Allocation and Share Growth

During fiscal Q3 of 2026, Forward Industries sold 93,642 shares of common stock as part of its At The Market offering. This capital deployment strategy resulted in an annualized SOL-per-fully diluted share growth of 36%, increasing the metric to 0.0729 as of June 30, 2026, up from 0.0669 as of March 31, 2026. Ryan Navi, Chief Investment Officer of Forward Industries, stated that the company dynamically allocates capital by repurchasing shares when trading at a discount to NAV and issuing equity when trading at a premium to compound SOL per share.

Financial Metrics and Treasury Overview

The following table details the company's Solana holdings and related financial metrics for the reported period:

Metric	Value
SOL acquired in Q3 FY26	500,000 SOL
Average purchase price	$79
Total Solana treasury (June 30, 2026)	7.55M SOL
Common stock sold	93,642 shares
SOL-per-fully diluted share (June 30, 2026)	0.0729
SOL-per-fully diluted share (March 31, 2026)	0.0669
Annualized SOL-per-share growth	36%

Forward Industries reported 73,846,883 common shares outstanding as of June 30, 2026, compared to 76,314,617 as of March 31, 2026. The company employs a cost of capital structure using fwdSOL as collateral, allowing it to borrow against its SOL at a lower rate than its staking yield, which ranges between 6.4% to 7.3%.