Forward Air (NASDAQ:FWRD) Shares Gap Down After Analyst Downgrade

Forward Air Co. (NASDAQ:FWRD)’s share price gapped down before the market opened on Thursday after Robert W. Baird lowered their price target on the stock from $32.00 to $28.00. The stock had previously closed at $25.75, but opened at $22.81. Robert W. Baird currently has a neutral rating on the stock. Forward Air shares last traded at $23.72, with a volume of 81,982 shares changing hands.

Other analysts also recently issued research reports about the stock. Benchmark reaffirmed a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. Stifel Nicolaus lifted their target price on shares of Forward Air from $34.00 to $36.00 and gave the stock a “hold” rating in a research report on Thursday, January 23rd. Finally, StockNews.com upgraded shares of Forward Air to a “sell” rating in a research note on Wednesday, November 6th. One 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, Forward Air presently has an average rating of “Hold” and a consensus price target of $37.00.

Hedge Funds Weigh In On Forward Air

Several institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC increased its holdings in Forward Air by 812.5% during the fourth quarter. Sterling Capital Management LLC now owns 803 shares of the transportation company’s stock valued at $26,000 after buying an additional 715 shares during the last quarter. Byrne Asset Management LLC increased its stake in shares of 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 raised its holdings 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 worth $70,000 after purchasing an additional 763 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Forward Air during the fourth quarter valued at $72,000. Finally, AlphaQuest LLC grew its holdings in Forward Air by 155.9% during the fourth quarter. AlphaQuest LLC now owns 2,925 shares of the transportation company’s stock valued at $94,000 after purchasing an additional 1,782 shares during the period. Institutional investors own 97.03% of the company’s stock.

Forward Air Stock Down 10.7 %

The company has a fifty day simple moving average of $31.46 and a 200-day simple moving average of $33.38. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07. The firm has a market cap of $665.94 million, a P/E ratio of -0.97 and a beta of 1.03.

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.