Forward Air (NASDAQ:FWRD) Shares Up 5.9% - Here's Why

Forward Air Co. (NASDAQ:FWRD - Get Free Report) shares shot up 5.9% on Monday . The stock traded as high as $23.89 and last traded at $23.80. 268,387 shares were traded during trading, a decline of 52% from the average session volume of 561,532 shares. The stock had previously closed at $22.47.

Analyst Upgrades and Downgrades

FWRD has been the topic of several analyst reports. Stifel Nicolaus upped their price objective on Forward Air from $34.00 to $36.00 and gave the company a "hold" rating in a research report on Thursday, January 23rd. Robert W. Baird lowered their price target on Forward Air from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Finally, Benchmark reaffirmed a "hold" rating on shares of Forward Air in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Forward Air presently has a consensus rating of "Hold" and a consensus target price of $37.00.

Forward Air Stock Performance

The firm has a market cap of $616.86 million, a P/E ratio of -0.90 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. The business's 50-day simple moving average is $30.74 and its 200 day simple moving average is $33.23.

Hedge Funds Weigh In On Forward Air

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