Forward Air (NASDAQ:FWRD) Stock Price Down 3.8% – Here’s What Happened

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

Analysts Set New Price Targets

Several brokerages have issued reports on FWRD. Stifel Nicolaus increased their target price on Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, January 23rd. Robert W. Baird cut their target price on Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Benchmark reiterated a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $37.00.

Forward Air Stock Up 1.0 %

The stock has a market capitalization of $599.35 million, a PE ratio of -0.87 and a beta of 1.08. 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 business’s fifty day moving average price is $30.74 and its two-hundred day moving average price is $33.23.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in Forward Air by 62.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company’s stock worth $70,000 after buying an additional 763 shares during the last quarter. Sugar Maple Asset Management LLC raised its holdings in shares of Forward Air by 14.3% during the third quarter. Sugar Maple Asset Management LLC now owns 16,800 shares of the transportation company’s stock worth $595,000 after purchasing an additional 2,100 shares during the last quarter. LMR Partners LLP acquired a new position in Forward Air during the third quarter valued at $232,000. Carlyle Group Inc. acquired a new position in Forward Air during the third quarter valued at $4,118,000. Finally, AlpInvest Partners B.V. purchased a new stake in Forward Air in the third quarter valued at $3,969,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

About Forward Air

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.