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

Shares of Forward Air Co. (NASDAQ:FWRD) gapped down before the market opened on Wednesday . The stock had previously closed at $20.51, but opened at $19.39. Forward Air shares last traded at $20.67, with a volume of 55,627 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus boosted their price objective on Forward Air from $34.00 to $36.00 and gave the stock a “hold” rating in a research report on Thursday, January 23rd. Benchmark restated a “hold” rating on shares of Forward Air in a research report on Tuesday, January 7th. Finally, Robert W. Baird reduced their price objective on Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. One research 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 data from MarketBeat, Forward Air currently has an average rating of “Hold” and an average target price of $37.00.

Forward Air Price Performance

The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07. The business has a 50-day simple moving average of $28.23 and a 200 day simple moving average of $32.37. The stock has a market cap of $614.11 million, a P/E ratio of -0.89 and a beta of 1.08.

Institutional Investors Weigh In On Forward Air

Several institutional investors and hedge funds have recently made changes to their positions in the business. Thrivent Financial for Lutherans boosted its position in shares of Forward Air by 2.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 15,442 shares of the transportation company’s stock valued at $498,000 after purchasing an additional 432 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Forward Air by 4.1% during the 4th quarter. State of Alaska Department of Revenue now owns 11,354 shares of the transportation company’s stock valued at $366,000 after purchasing an additional 447 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Forward Air by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,251 shares of the transportation company’s stock valued at $460,000 after purchasing an additional 498 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Forward Air by 5.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company’s stock valued at $313,000 after purchasing an additional 500 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Forward Air by 0.6% during the 4th quarter. Federated Hermes Inc. now owns 103,397 shares of the transportation company’s stock valued at $3,335,000 after purchasing an additional 572 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

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.