Forward Air (NASDAQ:FWRD) Trading Down 6.2%

Shares of Forward Air Co. (NASDAQ:FWRD) were down 6.2% during mid-day trading on Thursday . The company traded as low as $31.41 and last traded at $31.41. Approximately 129,730 shares were traded during trading, a decline of 88% from the average daily volume of 1,052,209 shares. The stock had previously closed at $33.50.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FWRD. Wolfe Research upgraded Forward Air from an “underperform” rating to a “peer perform” rating in a report on Tuesday, May 28th. Benchmark reissued a “hold” rating on shares of Forward Air in a report on Monday, August 12th. Finally, Robert W. Baird raised their price target on Forward Air from $17.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $51.00.

Forward Air Trading Up 0.4 %

The business has a 50 day moving average of $26.06 and a 200-day moving average of $24.82. The stock has a market cap of $844.43 million, a PE ratio of 9.34 and a beta of 1.02. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, August 7th. The transportation company reported ($23.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($23.11). The company had revenue of $643.67 million during the quarter, compared to analysts’ expectations of $642.92 million. Forward Air had a negative net margin of 30.77% and a negative return on equity of 79.11%. The firm’s revenue was up 92.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. On average, analysts anticipate that Forward Air Co. will post -1.01 EPS for the current year.

Institutional Investors Weigh In On Forward Air

A number of hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. boosted its position in Forward Air by 413.5% during the first quarter. UMB Bank n.a. now owns 837 shares of the transportation company’s stock worth $26,000 after acquiring an additional 674 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Forward Air in the second quarter valued at $26,000. Gladius Capital Management LP grew its position in shares of Forward Air by 33.5% in the second quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock valued at $37,000 after purchasing an additional 493 shares during the period. GAMMA Investing LLC increased its stake in Forward Air by 2,329.3% in the second quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company’s stock valued at $38,000 after purchasing an additional 1,910 shares during the last quarter. Finally, Headlands Technologies LLC lifted its position in Forward Air by 98.5% during the first quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock worth $51,000 after buying an additional 811 shares during the period. 97.03% of the stock is currently 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.