Forward Air (NASDAQ:FWRD) Stock Price Down 3.8% - Here's Why

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FWRD shares. Benchmark restated a "hold" rating on shares of Forward Air in a research report on Tuesday, January 7th. Stifel Nicolaus boosted 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. Finally, Robert W. Baird cut their target price on shares of Forward Air from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $37.00.

Forward Air Price Performance

The company has a 50-day moving average of $30.74 and a 200-day moving average of $33.23. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market capitalization of $599.35 million, a price-to-earnings ratio of -0.87 and a beta of 1.08.

Institutional Investors Weigh In On Forward Air

Several large investors have recently made changes to their positions in FWRD. Sterling Capital Management LLC boosted its stake in Forward Air by 812.5% in the 4th quarter. Sterling Capital Management LLC now owns 803 shares of the transportation company's stock worth $26,000 after purchasing an additional 715 shares during the period. Byrne Asset Management LLC lifted its holdings in shares of Forward Air by 122.9% in the fourth quarter. Byrne Asset Management LLC now owns 1,070 shares of the transportation company's stock valued at $35,000 after purchasing an additional 590 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Forward Air by 62.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company's stock worth $70,000 after buying an additional 763 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Forward Air during the fourth quarter worth about $72,000. Finally, AlphaQuest LLC raised its position in Forward Air by 155.9% in the 4th quarter. AlphaQuest LLC now owns 2,925 shares of the transportation company's stock valued at $94,000 after buying an additional 1,782 shares during the last quarter. Institutional investors own 97.03% of the company's stock.

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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.