Forward Air (NASDAQ:FWRD) Stock Price Down 3.1% - Here's Why

Forward Air Co. (NASDAQ:FWRD - Get Free Report) dropped 3.1% during trading on Friday . The stock traded as low as $29.63 and last traded at $29.91. Approximately 335,301 shares were traded during trading, a decline of 65% from the average daily volume of 953,213 shares. The stock had previously closed at $30.87.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Stifel Nicolaus boosted their price target on shares of Forward Air from $31.00 to $36.00 and gave the company a "hold" rating in a research report on Monday, October 21st. StockNews.com upgraded shares of Forward Air to a "sell" rating in a report on Wednesday, November 6th. Finally, Jefferies Financial Group set a $47.00 price target on shares of Forward Air and gave the company a "buy" rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, Forward Air currently has an average rating of "Hold" and a consensus price target of $39.25.

Forward Air Stock Performance

The firm's fifty day moving average is $35.44 and its 200-day moving average is $30.05. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07. The stock has a market capitalization of $837.64 million, a PE ratio of -1.21 and a beta of 1.02.

Institutional Trading of Forward Air

Institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in Forward Air during the second quarter worth $26,000. Northwest Investment Counselors LLC acquired a new position in Forward Air during the 3rd quarter worth about $39,000. Nisa Investment Advisors LLC boosted its holdings in Forward Air by 62.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company's stock valued at $70,000 after acquiring an additional 763 shares during the period. GAMMA Investing LLC grew its position in Forward Air by 89.2% in the 3rd quarter. GAMMA Investing LLC now owns 3,768 shares of the transportation company's stock valued at $133,000 after acquiring an additional 1,776 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Forward Air by 33.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,218 shares of the transportation company's stock worth $137,000 after purchasing an additional 1,803 shares during the period. Institutional investors and hedge funds own 97.03% of the company's stock.

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.