Forward Air (NASDAQ:FWRD) Shares Gap Down to $26.00

Forward Air Co. (NASDAQ:FWRD) gapped down prior to trading on Monday . The stock had previously closed at $26.00, but opened at $25.33. Forward Air shares last traded at $24.35, with a volume of 43,434 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on FWRD shares. Benchmark reissued a “hold” rating on shares of Forward Air in a research note on Wednesday, April 24th. Wolfe Research raised shares of Forward Air from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, May 28th. Finally, Robert W. Baird upped their target price on shares of Forward Air from $17.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $57.80.

Forward Air Stock Down 4.3 %

The company has a market cap of $657.51 million, a price-to-earnings ratio of 7.03 and a beta of 1.00. The firm has a 50-day moving average price of $21.85 and a 200 day moving average price of $26.32. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.28 and a quick ratio of 1.28.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, August 7th. The transportation company reported ($23.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($23.11). Forward Air had a net margin of 4.08% and a return on equity of 5.37%. The firm had revenue of $643.67 million during the quarter, compared to analyst estimates of $642.92 million. During the same period in the prior year, the company earned $0.91 earnings per share. The business’s quarterly revenue was up 92.9% compared to the same quarter last year. Sell-side analysts predict that Forward Air Co. will post -0.46 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. MFN Partners Management LP bought a new stake in Forward Air during the second quarter worth about $17,208,000. Federated Hermes Inc. lifted its holdings in shares of Forward Air by 712.5% during the 2nd quarter. Federated Hermes Inc. now owns 680,929 shares of the transportation company’s stock worth $12,965,000 after acquiring an additional 597,120 shares during the period. American Century Companies Inc. boosted its position in shares of Forward Air by 3.3% during the 2nd quarter. American Century Companies Inc. now owns 45,734 shares of the transportation company’s stock worth $871,000 after acquiring an additional 1,478 shares in the last quarter. Private Management Group Inc. increased its stake in Forward Air by 34.1% in the second quarter. Private Management Group Inc. now owns 1,336,687 shares of the transportation company’s stock valued at $25,451,000 after acquiring an additional 339,982 shares during the last quarter. Finally, Paralel Advisors LLC raised its position in Forward Air by 47.1% during the second quarter. Paralel Advisors LLC now owns 750,000 shares of the transportation company’s stock valued at $14,280,000 after purchasing an additional 240,000 shares in the last quarter. 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.