Forward Air (NASDAQ:FWRD) Shares Gap Up – Still a Buy?

Forward Air Corporation (NASDAQ:FWRD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $25.28, but opened at $26.76. Forward Air shares last traded at $25.80, with a volume of 140,774 shares.

Forward Air News Roundup

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

• Positive Sentiment: Management laid out a 2026 growth strategy and a technology-transformation program intended to improve network efficiency and customer service; management pointed to initiatives that could lift margins over time, which supports a constructive medium-term thesis. Forward Air outlines 2026 growth strategy and tech transformation amid stable $307M EBITDA performance
• Positive Sentiment: Company reported roughly stable/consistent EBITDA (management referenced about $307M), suggesting some operating resilience despite headwinds — a reason some investors are willing to look past the headline EPS miss. Seeking Alpha EBITDA coverage
• Neutral Sentiment: Revenue came in around $631M (near/roughly in line with consensus), producing mixed top-line signals: revenue was roughly flat to modestly down depending on the source — not an outright collapse but not clear upside either. Forward Air Corp (FWRD) Q4 2025 Earnings Call Highlights
• Negative Sentiment: Headline EPS missed materially — reported a loss (market summaries show EPS around -$0.91 vs. consensus around -$0.27) — which is the main driver of near-term share weakness and investor concern. MarketBeat Q4 earnings summary
• Negative Sentiment: Profitability deteriorated: Quiver/other reports show a deep net loss, operating loss, a sharp rise in cost of sales and a steep YoY drop in gross profit — these items increase downside risk until cost structure stabilizes. QuiverQuant Q4 results detail
• Negative Sentiment: Cash-flow and balance-sheet pressures: operating cash was negative in the quarter, capex rose modestly, and leverage remains high — factors that could limit flexibility and keep investor caution elevated. Institutional selling and insider transaction patterns were also noted in recent filings. QuiverQuant balance-sheet and ownership details

Analyst Ratings Changes

FWRD has been the subject of several research reports. Stifel Nicolaus lifted their price objective on Forward Air from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Jefferies Financial Group reissued a “buy” rating on shares of Forward Air in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Forward Air in a research report on Thursday, January 22nd. Zacks Research lowered Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Finally, Susquehanna reissued a “positive” rating and issued a $42.00 target price on shares of Forward Air in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $34.00.

Forward Air Stock Performance

The stock’s 50 day moving average price is $27.14 and its 200 day moving average price is $25.63. 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 company has a market cap of $812.97 million, a price-to-earnings ratio of -6.85 and a beta of 1.35.

Forward Air (NASDAQ:FWRD) last released its earnings results on Monday, February 23rd. The transportation company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.64). Forward Air had a negative return on equity of 33.13% and a negative net margin of 4.64%.The company had revenue of $631.23 million during the quarter, compared to analyst estimates of $629.60 million. During the same period in the prior year, the business posted ($1.23) earnings per share. Forward Air’s revenue was up 1.2% on a year-over-year basis. On average, analysts expect that Forward Air Corporation will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Forward Air by 1,179.7% during the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after acquiring an additional 296,001 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Forward Air by 7.0% during the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock worth $201,000 after purchasing an additional 654 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Forward Air by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company’s stock worth $299,000 after purchasing an additional 624 shares in the last quarter. Intech Investment Management LLC lifted its position in Forward Air by 64.2% during the first quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company’s stock valued at $1,467,000 after buying an additional 28,564 shares in the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new stake in Forward Air during the second quarter worth approximately $371,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

About Forward Air

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.