Forward Air (NASDAQ:FWRD) Trading Down 18.2% – Here’s What Happened

Forward Air Co. (NASDAQ:FWRD) shares dropped 18.2% during mid-day trading on Thursday . The company traded as low as $17.84 and last traded at $16.96. Approximately 93,906 shares were traded during trading, a decline of 89% from the average daily volume of 859,159 shares. The stock had previously closed at $20.74.

Analyst Upgrades and Downgrades

Several research firms recently commented on FWRD. Benchmark restated a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. Robert W. Baird lowered their price target on Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Susquehanna reduced their price objective on Forward Air from $35.00 to $32.00 and set a “positive” rating on the stock in a research note on Monday. Finally, Stifel Nicolaus increased their target price on Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Forward Air presently has an average rating of “Hold” and an average target price of $35.75.

Forward Air Stock Performance

The company’s fifty day simple moving average is $25.88 and its two-hundred day simple moving average is $31.60. The company has a market capitalization of $450.60 million, a price-to-earnings ratio of -0.62 and a beta of 1.08. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FWRD. Thrivent Financial for Lutherans boosted its stake in Forward Air by 2.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,442 shares of the transportation company’s stock valued at $498,000 after acquiring an additional 432 shares during the period. State of Alaska Department of Revenue increased its stake in Forward Air by 4.1% during the 4th quarter. State of Alaska Department of Revenue now owns 11,354 shares of the transportation company’s stock valued at $366,000 after buying an additional 447 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 buying an additional 498 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Forward Air by 5.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company’s stock worth $313,000 after acquiring an additional 500 shares during the period. Finally, Federated Hermes Inc. boosted 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 acquiring an additional 572 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

About Forward Air

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.