Forward Air (NASDAQ:FWRD) Shares Gap Down on Analyst Downgrade

Forward Air Co. (NASDAQ:FWRD - Get Free Report)'s stock price gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $32.00 to $28.00. The stock had previously closed at $25.75, but opened at $22.81. Robert W. Baird currently has a neutral rating on the stock. Forward Air shares last traded at $23.72, with a volume of 81,982 shares traded.

A number of other research firms have also recently commented on FWRD. Benchmark restated a "hold" rating on shares of Forward Air in a research note on Tuesday, January 7th. StockNews.com raised shares of Forward Air to a "sell" rating in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus upped their price target on Forward Air from $34.00 to $36.00 and gave the stock 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 one has assigned a buy rating to the stock. According to data from MarketBeat, Forward Air presently has an average rating of "Hold" and a consensus target price of $37.00.

Institutional Investors Weigh In On Forward Air

Institutional investors have recently made changes to their positions in the company. Jefferies Financial Group Inc. boosted its stake in Forward Air by 148.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 285,670 shares of the transportation company's stock valued at $9,213,000 after purchasing an additional 170,503 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Forward Air in the 4th quarter worth about $72,000. Two Sigma Investments LP lifted its stake in Forward Air by 2.0% during the 4th quarter. Two Sigma Investments LP now owns 120,272 shares of the transportation company's stock valued at $3,879,000 after acquiring an additional 2,339 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Forward Air during the 4th quarter valued at about $315,000. Finally, Point72 Asset Management L.P. lifted its position in 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.

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Forward Air Stock Up 0.4 %

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07. The company has a market cap of $652.91 million, a PE ratio of -0.95 and a beta of 1.03. The company's fifty day moving average is $31.33 and its 200-day moving average is $33.48.

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.