Forward Air (NASDAQ:FWRD) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?
by Amy Steele · The Cerbat GemForward Air Corporation (NASDAQ:FWRD – Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $25.60 and traded as high as $27.15. Forward Air shares last traded at $27.06, with a volume of 711,235 shares changing hands.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on FWRD. Jefferies Financial Group reaffirmed a “buy” rating on shares of Forward Air in a research note on Thursday, November 6th. Susquehanna boosted their target price on Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a report on Monday, January 5th. Wall Street Zen cut Forward Air from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Forward Air in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus cut their target price on Forward Air from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $34.33.
View Our Latest Report on Forward Air
Forward Air Price Performance
The stock has a 50-day simple moving average of $23.63 and a 200 day simple moving average of $25.62. The company has a market cap of $845.63 million, a PE ratio of -7.03 and a beta of 1.35. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 8.73.
Forward Air (NASDAQ:FWRD – Get Free Report) last issued its quarterly earnings data on Wednesday, November 5th. The transportation company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.39). Forward Air had a negative net margin of 4.64% and a negative return on equity of 33.13%. The company had revenue of $631.76 million during the quarter, compared to analysts’ expectations of $645.45 million. During the same quarter last year, the firm posted ($2.62) earnings per share. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. Equities analysts expect that Forward Air Corporation will post -0.72 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Forward Air by 15.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock valued at $60,347,000 after buying an additional 307,906 shares during the period. Ridgemont Partners Management LLC grew its stake in shares of Forward Air by 0.7% in the third quarter. Ridgemont Partners Management LLC now owns 1,937,405 shares of the transportation company’s stock worth $49,675,000 after acquiring an additional 13,926 shares in the last quarter. Ancora Advisors LLC increased its position in shares of Forward Air by 8.5% during the third quarter. Ancora Advisors LLC now owns 1,475,055 shares of the transportation company’s stock worth $37,820,000 after acquiring an additional 116,012 shares during the period. Private Management Group Inc. increased its position in shares of Forward Air by 8.7% during the second quarter. Private Management Group Inc. now owns 1,046,226 shares of the transportation company’s stock worth $25,674,000 after acquiring an additional 83,600 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Forward Air by 47.3% in the second quarter. JPMorgan Chase & Co. now owns 786,883 shares of the transportation company’s stock valued at $19,310,000 after acquiring an additional 252,509 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.
About Forward Air
Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.
Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.