Forward Air (NASDAQ:FWRD) Shares Down 3.1% – What’s Next?

by · The Markets Daily

Forward Air Co. (NASDAQ:FWRD – Get Free Report)’s share price traded down 3.1% during mid-day trading on Friday . The company traded as low as $29.63 and last traded at $29.91. 335,301 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 953,213 shares. The stock had previously closed at $30.87.

Analyst Ratings Changes

A number of equities analysts have weighed in on FWRD shares. Stifel Nicolaus upped their price objective on shares of Forward Air from $31.00 to $36.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. StockNews.com upgraded shares of Forward Air to a “sell” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group set a $47.00 price objective on Forward Air and gave the stock a “buy” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $39.25.

Read Our Latest Stock Report on FWRD

Forward Air Trading Down 4.1 %

The stock has a market cap of $857.33 million, a PE ratio of -1.24 and a beta of 1.02. The company’s 50-day moving average price is $35.53 and its 200 day moving average price is $30.04. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21.

Hedge Funds Weigh In On Forward Air

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FWRD. Clearlake Capital Group L.P. raised its stake in shares of Forward Air by 255.2% in the second quarter. Clearlake Capital Group L.P. now owns 3,825,000 shares of the transportation company’s stock valued at $72,828,000 after acquiring an additional 2,747,994 shares in the last quarter. MFN Partners Management LP acquired a new stake in Forward Air in the 2nd quarter valued at about $17,208,000. Federated Hermes Inc. boosted its stake in shares of Forward Air by 712.5% in the 2nd quarter. Federated Hermes Inc. now owns 680,929 shares of the transportation company’s stock valued at $12,965,000 after buying an additional 597,120 shares during the period. Goldentree Asset Management LP acquired a new position in shares of Forward Air during the third quarter worth about $14,270,000. Finally, Point72 Asset Management L.P. increased its stake in shares of Forward Air by 11,740.6% during the second quarter. Point72 Asset Management L.P. now owns 372,500 shares of the transportation company’s stock worth $7,092,000 after buying an additional 375,700 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Forward Air Company Profile

(Get Free Report)

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.

See Also