Forward Air (NASDAQ:FWRD) Shares Down 3.8% – Here’s Why

Shares of Forward Air Co. (NASDAQ:FWRD) were down 3.8% on Wednesday . The company traded as low as $21.48 and last traded at $21.31. Approximately 438,983 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 577,083 shares. The stock had previously closed at $22.15.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FWRD. Robert W. Baird reduced their price objective on shares of Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Benchmark reiterated a “hold” rating on shares of Forward Air in a research report on Tuesday, January 7th. Finally, Stifel Nicolaus raised their price objective on shares of Forward Air from $34.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.00.

Forward Air Trading Up 1.0 %

The stock has a market cap of $599.35 million, a P/E ratio of -0.87 and a beta of 1.08. The company has a debt-to-equity ratio of 5.07, a current ratio of 1.21 and a quick ratio of 1.21. The firm’s 50 day moving average price is $30.74 and its 200-day moving average price is $33.23.

Institutional Trading of Forward Air

Large investors have recently modified their holdings of the company. Thrivent Financial for Lutherans increased its holdings in shares of Forward Air by 2.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,442 shares of the transportation company’s stock worth $498,000 after purchasing an additional 432 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Forward Air by 4.1% in the 4th quarter. State of Alaska Department of Revenue now owns 11,354 shares of the transportation company’s stock worth $366,000 after acquiring an additional 447 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Forward Air by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,251 shares of the transportation company’s stock worth $460,000 after acquiring an additional 498 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Forward Air by 5.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company’s stock valued at $313,000 after acquiring an additional 500 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Forward Air by 0.6% in the fourth quarter. Federated Hermes Inc. now owns 103,397 shares of the transportation company’s stock valued at $3,335,000 after purchasing an additional 572 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.