Forward Air (NASDAQ:FWRD) Share Price Breaks Above 50 Day Moving Average – What’s Next?

Forward Air Corporation (NASDAQ:FWRD)’s share price crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $16.05 and traded as high as $17.66. Forward Air shares last traded at $17.54, with a volume of 584,453 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FWRD. Susquehanna reduced their target price on Forward Air from $29.00 to $25.00 and set a “positive” rating on the stock in a report on Friday, October 2nd. Zacks Research cut Forward Air from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Weiss Ratings upgraded Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, September 8th. Wall Street Zen raised Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Stifel Nicolaus set a $27.00 price target on Forward Air in a research note on Thursday. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.00.

Forward Air Price Performance

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98. The company has a market cap of $557.14 million, a PE ratio of -1.98 and a beta of 1.41. The firm has a 50 day moving average of $16.03 and a two-hundred day moving average of $17.74.

Institutional Investors Weigh In On Forward Air

Institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Forward Air during the second quarter valued at approximately $28,000. Principal Financial Group Inc. increased its position in shares of Forward Air by 2.2% during the first quarter. Principal Financial Group Inc. now owns 108,143 shares of the transportation company’s stock valued at $1,807,000 after acquiring an additional 2,302 shares in the last quarter. Quantinno Capital Management LP raised its holdings in Forward Air by 25.0% in the 1st quarter. Quantinno Capital Management LP now owns 20,758 shares of the transportation company’s stock worth $347,000 after acquiring an additional 4,155 shares during the last quarter. Allied Private Wealth LLC purchased a new position in Forward Air in the 2nd quarter worth approximately $57,000. Finally, Fifth Third Bancorp raised its holdings in Forward Air by 2,397.7% in the 1st quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company’s stock worth $92,000 after acquiring an additional 5,275 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Forward Air Company Profile

Forward Air Corporation (NASDAQ: FWRD) is a transportation and logistics company that provides time-definite freight and supply chain services. Its offerings include expedited less-than-truckload transportation, truckload services, intermodal and drayage operations, final-mile delivery, and other logistics solutions designed for shipments requiring reliable transit times.

The company serves businesses across North America and supports domestic and international supply chains through a network of terminals, transportation partners, and logistics facilities.