Forward Air (NASDAQ:FWRD) Shares Gap Down on Analyst Downgrade

Forward Air Co. (NASDAQ:FWRD) gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $32.00 to $28.00. The stock had previously closed at $25.75, but opened at $22.81. Robert W. Baird currently has a neutral rating on the stock. Forward Air shares last traded at $23.72, with a volume of 81,982 shares traded.

Several other research analysts have also issued reports on the company. Stifel Nicolaus increased their target price 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 reiterated a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. Finally, StockNews.com raised Forward Air to a “sell” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.00.

Institutional Trading of Forward Air

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. grew its stake in shares of Forward Air by 742.9% in the fourth quarter. Point72 Asset Management L.P. now owns 463,600 shares of the transportation company’s stock worth $14,951,000 after acquiring an additional 408,600 shares during the last quarter. Goldentree Asset Management LP bought a new position in Forward Air in the 3rd quarter worth about $14,270,000. Assenagon Asset Management S.A. bought a new position in Forward Air in the 4th quarter worth about $11,140,000. JPMorgan Chase & Co. grew its position in 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. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Forward Air during the 4th quarter valued at about $9,198,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Forward Air Price Performance

The firm’s fifty day simple moving average is $31.46 and its 200-day simple moving average is $33.38. The firm has a market capitalization of $665.94 million, a PE ratio of -0.97 and a beta of 1.03. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07.

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.