Forward Air (NASDAQ:FWRD) Shares Down 3.8% – Here’s Why

Forward Air Co. (NASDAQ:FWRD)’s stock price dropped 3.8% during mid-day trading on Wednesday . The stock traded as low as $21.48 and last traded at $21.31. Approximately 438,983 shares traded hands during trading, a decline of 24% from the average daily volume of 577,083 shares. The stock had previously closed at $22.15.

Analyst Upgrades and Downgrades

FWRD has been the topic of a number of analyst reports. Benchmark reiterated a “hold” rating on shares of Forward Air in a research report on Tuesday, January 7th. Stifel Nicolaus upped their price objective on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. StockNews.com raised shares of Forward Air to a “sell” rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird decreased their price target on Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. One equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.00.

Forward Air Price Performance

The company has a debt-to-equity ratio of 5.07, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a market capitalization of $613.82 million, a price-to-earnings ratio of -0.89 and a beta of 1.08. The business’s fifty day moving average price is $31.09 and its 200-day moving average price is $33.40.

Institutional Investors Weigh In On Forward Air

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC grew its stake in shares of Forward Air by 812.5% in the 4th quarter. Sterling Capital Management LLC now owns 803 shares of the transportation company’s stock worth $26,000 after acquiring an additional 715 shares in the last quarter. Byrne Asset Management LLC grew its position in Forward Air by 122.9% in the 4th quarter. Byrne Asset Management LLC now owns 1,070 shares of the transportation company’s stock worth $35,000 after purchasing an additional 590 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Forward Air by 62.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company’s stock valued at $70,000 after buying an additional 763 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Forward Air during the 4th quarter worth approximately $72,000. Finally, AlphaQuest LLC boosted its stake in shares of Forward Air by 155.9% in the 4th quarter. AlphaQuest LLC now owns 2,925 shares of the transportation company’s stock worth $94,000 after buying an additional 1,782 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Forward Air Company Profile

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.