Forward Air (NASDAQ:FWRD) Trading 7.4% Higher – Here’s What Happened

Forward Air Corporation (NASDAQ:FWRD)’s share price shot up 7.4% during mid-day trading on Wednesday . The stock traded as high as $28.32 and last traded at $29.0620. 343,425 shares traded hands during trading, a decline of 35% from the average session volume of 527,330 shares. The stock had previously closed at $27.06.

Analyst Ratings Changes

FWRD has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Air in a report on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Forward Air in a report on Thursday, November 6th. Stifel Nicolaus boosted their target price on shares of Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday. Wall Street Zen cut shares of Forward Air from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Finally, Zacks Research lowered Forward Air from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.00.

Forward Air Stock Up 5.6%

The firm has a market capitalization of $892.76 million, a PE ratio of -7.42 and a beta of 1.35. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 8.73. The stock has a 50 day simple moving average of $24.80 and a 200 day simple moving average of $25.78.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, November 5th. The transportation company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.39). Forward Air had a negative return on equity of 33.13% and a negative net margin of 4.64%.The business had revenue of $631.76 million during the quarter, compared to the consensus estimate of $645.45 million. During the same quarter in the prior year, the business posted ($2.62) earnings per share. Forward Air’s quarterly revenue was down 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Forward Air Corporation will post -0.72 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in shares of Forward Air by 236.4% during the 4th quarter. SG Americas Securities LLC now owns 48,812 shares of the transportation company’s stock valued at $1,220,000 after buying an additional 34,303 shares during the period. Penn Capital Management Company LLC raised its stake in Forward Air by 67.1% during the 3rd quarter. Penn Capital Management Company LLC now owns 17,374 shares of the transportation company’s stock worth $445,000 after acquiring an additional 6,977 shares during the period. XTX Topco Ltd purchased a new position in shares of Forward Air during the 3rd quarter valued at $1,169,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Forward Air in the third quarter valued at about $209,000. Finally, Prelude Capital Management LLC lifted its holdings in Forward Air by 20.2% in the 3rd quarter. Prelude Capital Management LLC now owns 21,009 shares of the transportation company’s stock worth $539,000 after purchasing an additional 3,532 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Forward Air Company Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.