Forward Air (NASDAQ:FWRD) Trading Up 4.4% – Here’s Why

Forward Air Co. (NASDAQ:FWRD) shares were up 4.4% on Thursday . The company traded as high as $18.43 and last traded at $18.43. Approximately 406,329 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 612,000 shares. The stock had previously closed at $17.65.

Analysts Set New Price Targets

FWRD has been the subject of several research analyst reports. Robert W. Baird decreased their price target on shares of Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Benchmark reissued a “hold” rating on shares of Forward Air in a research report on Tuesday, January 7th. Finally, Stifel Nicolaus upped their price objective on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Forward Air presently has an average rating of “Hold” and an average price target of $37.00.

Forward Air Stock Up 6.9 %

The stock has a fifty day simple moving average of $29.66 and a two-hundred day simple moving average of $32.89. The firm has a market cap of $546.36 million, a PE ratio of -0.79 and a beta of 1.08. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07.

Hedge Funds Weigh In On Forward Air

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jefferies Financial Group Inc. grew its position in Forward Air by 148.0% during the fourth quarter. Jefferies Financial Group Inc. now owns 285,670 shares of the transportation company’s stock valued at $9,213,000 after acquiring an additional 170,503 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Forward Air during the 4th quarter worth approximately $72,000. Two Sigma Investments LP increased its stake in Forward Air by 2.0% in the 4th quarter. Two Sigma Investments LP now owns 120,272 shares of the transportation company’s stock worth $3,879,000 after purchasing an additional 2,339 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Forward Air in the fourth quarter valued at approximately $315,000. Finally, Point72 Asset Management L.P. boosted its stake in shares of Forward Air by 742.9% during the fourth quarter. Point72 Asset Management L.P. now owns 463,600 shares of the transportation company’s stock valued at $14,951,000 after purchasing an additional 408,600 shares during the period. Hedge funds and other 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.