Forward Air (NASDAQ:FWRD) Sets New 12-Month Low on Disappointing Earnings

Forward Air Corporation (NASDAQ:FWRD)’s share price hit a new 52-week low on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.50 and last traded at $9.87, with a volume of 9868307 shares. The stock had previously closed at $17.33.

The transportation company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.74). The company had revenue of $582.05 million during the quarter, compared to the consensus estimate of $620.23 million. Forward Air had a negative net margin of 3.71% and a negative return on equity of 37.50%. Forward Air’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted ($1.68) EPS.

Key Stories Impacting Forward Air

Here are the key news stories impacting Forward Air this week:

• Positive Sentiment: Susquehanna kept a positive view on Forward Air (FWRD), even while cutting its price target from $42 to $18, which suggests some analysts still see recovery potential from current levels.
• Neutral Sentiment: Investors are reviewing the company’s Q1 2026 earnings transcript and conference call materials for more detail on management’s outlook and any turnaround plans. Forward Air (FWRD) Q1 2026 Earnings Transcript
• Neutral Sentiment: A shareholder investigation by Johnson Fistel into possible securities-law claims may add legal overhang, but its immediate stock impact is still uncertain. Forward Air Corporation Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information About Potentially Recovering Their Losses
• Negative Sentiment: Forward Air (FWRD) posted a much larger-than-expected Q1 loss and missed revenue estimates, reinforcing concerns that profitability remains under pressure. Forward Air (FWRD) Reports Q1 Loss, Misses Revenue Estimates
• Negative Sentiment: The biggest driver for the selloff appears to be management’s disclosure of a potential major customer loss, which raised fears about future revenue and margins. Forward Air flags customer loss, stock plummets

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FWRD shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Air in a report on Tuesday, April 21st. Susquehanna lowered their price objective on shares of Forward Air from $42.00 to $18.00 and set a “positive” rating on the stock in a research report on Friday. Zacks Research cut shares of Forward Air from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Finally, Stifel Nicolaus set a $17.00 price objective on shares of Forward Air in a research report on Friday. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.50.

Hedge Funds Weigh In On Forward Air

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clear Harbor Asset Management LLC purchased a new position in Forward Air during the 3rd quarter worth approximately $1,091,000. Rothschild Investment LLC grew its holdings in shares of Forward Air by 337,481.3% during the 3rd quarter. Rothschild Investment LLC now owns 270,065 shares of the transportation company’s stock valued at $6,924,000 after acquiring an additional 269,985 shares in the last quarter. Integrity Financial Corp WA purchased a new position in shares of Forward Air during the 3rd quarter valued at $853,000. Allianz Asset Management GmbH purchased a new position in shares of Forward Air during the 3rd quarter valued at $8,295,000. Finally, Oasis Management Co Ltd. purchased a new position in shares of Forward Air during the 3rd quarter valued at $4,447,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Forward Air Stock Performance

The firm’s fifty day moving average price is $19.70 and its 200 day moving average price is $22.95. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 10.58. The firm has a market capitalization of $320.28 million, a PE ratio of -3.37 and a beta of 1.59.

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.