Forward Air (NASDAQ:FWRD) Trading Down 18.2% – Here’s What Happened

Forward Air Co. (NASDAQ:FWRD) shares were down 18.2% on Thursday . The company traded as low as $17.84 and last traded at $16.96. Approximately 93,906 shares were traded during trading, a decline of 89% from the average daily volume of 859,159 shares. The stock had previously closed at $20.74.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Susquehanna cut their target price on shares of Forward Air from $35.00 to $32.00 and set a “positive” rating for the company in a research report on Monday, March 31st. Robert W. Baird decreased their target price on Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Benchmark reiterated a “hold” rating on shares of Forward Air in a research report on Tuesday, January 7th. Finally, Stifel Nicolaus lifted their target price on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.75.

Forward Air Trading Down 12.2 %

The firm has a market cap of $398.89 million, a P/E ratio of -0.55 and a beta of 1.11. The stock has a 50 day simple moving average of $25.10 and a 200-day simple moving average of $31.34. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWRD. JPMorgan Chase & Co. increased its position in shares of Forward Air by 688.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock valued at $11,573,000 after purchasing an additional 285,465 shares during the last quarter. Weiss Asset Management LP lifted its stake in Forward Air by 73.0% in the third quarter. Weiss Asset Management LP now owns 78,803 shares of the transportation company’s stock worth $2,790,000 after purchasing an additional 33,261 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Forward Air during the 4th quarter worth approximately $815,000. Principal Financial Group Inc. lifted its position in shares of Forward Air by 7.3% during the fourth quarter. Principal Financial Group Inc. now owns 97,148 shares of the transportation company’s stock worth $3,133,000 after purchasing an additional 6,629 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Forward Air during the fourth quarter valued at $11,140,000. Hedge funds and other 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.