Forward Air (NASDAQ:FWRD) Shares Down 4.9% – Here’s What Happened

Shares of Forward Air Co. (NASDAQ:FWRD) were down 4.9% during mid-day trading on Monday . The stock traded as low as $30.18 and last traded at $30.68. Approximately 397,372 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 493,242 shares. The stock had previously closed at $32.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group set a $47.00 price target on Forward Air and gave the stock a “buy” rating in a research report on Friday, October 18th. Stifel Nicolaus boosted their price target on Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. Benchmark reiterated a “hold” rating on shares of Forward Air in a research note on Tuesday, January 7th. Finally, StockNews.com upgraded shares of Forward Air to a “sell” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Forward Air presently has a consensus rating of “Hold” and an average target price of $35.67.

Forward Air Price Performance

The business has a fifty day moving average price of $33.01 and a 200 day moving average price of $32.79. The company has a market cap of $892.67 million, a price-to-earnings ratio of -1.29 and a beta of 1.03. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21.

Hedge Funds Weigh In On Forward Air

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue grew its stake in shares of Forward Air by 4.1% during the fourth quarter. State of Alaska Department of Revenue now owns 11,354 shares of the transportation company’s stock worth $366,000 after buying an additional 447 shares during the last quarter. Louisiana State Employees Retirement System grew its position in 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 worth $313,000 after acquiring an additional 500 shares during the last quarter. Byrne Asset Management LLC grew its position in Forward Air by 122.9% during the 4th quarter. Byrne Asset Management LLC now owns 1,070 shares of the transportation company’s stock worth $35,000 after acquiring an additional 590 shares during the last quarter. Nisa Investment Advisors LLC increased 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 in the last quarter. Finally, Inspire Investing LLC raised its position in Forward Air by 9.5% in the fourth quarter. Inspire Investing LLC now owns 12,601 shares of the transportation company’s stock valued at $406,000 after purchasing an additional 1,088 shares during 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.