Forward Air (NASDAQ:FWRD) Stock Price Down 6.2%

Forward Air Co. (NASDAQ:FWRD - Get Free Report) shares traded down 6.2% during trading on Thursday . The company traded as low as $31.41 and last traded at $31.41. 129,730 shares changed hands during trading, a decline of 88% from the average session volume of 1,052,209 shares. The stock had previously closed at $33.50.

Analyst Ratings Changes

FWRD has been the subject of a number of research analyst reports. Robert W. Baird increased their target price on shares of Forward Air from $17.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, August 8th. Benchmark reissued a "hold" rating on shares of Forward Air in a research report on Monday, August 12th. Finally, Wolfe Research raised Forward Air from an "underperform" rating to a "peer perform" rating in a research note on Tuesday, May 28th. 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, the stock currently has a consensus rating of "Hold" and an average price target of $51.00.

Forward Air Stock Performance

The stock has a fifty day moving average price of $25.80 and a 200 day moving average price of $24.87. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70. The firm has a market cap of $841.26 million, a price-to-earnings ratio of 9.30 and a beta of 1.02.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The transportation company reported ($23.29) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($23.11). Forward Air had a negative net margin of 30.77% and a negative return on equity of 79.11%. The firm had revenue of $643.67 million during the quarter, compared to the consensus estimate of $642.92 million. During the same period in the prior year, the business earned $0.91 EPS. The company's revenue for the quarter was up 92.9% compared to the same quarter last year. As a group, analysts predict that Forward Air Co. will post -1.01 earnings per share for the current year.

Institutional Investors Weigh In On Forward Air

Several hedge funds and other institutional investors have recently made changes to their positions in the business. UMB Bank n.a. increased its position in Forward Air by 413.5% during the first quarter. UMB Bank n.a. now owns 837 shares of the transportation company's stock worth $26,000 after acquiring an additional 674 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Forward Air during the second quarter valued at about $26,000. Gladius Capital Management LP lifted its stake in shares of Forward Air by 33.5% in the second quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company's stock valued at $37,000 after buying an additional 493 shares during the period. GAMMA Investing LLC grew its position in Forward Air by 2,329.3% during the second quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company's stock worth $38,000 after buying an additional 1,910 shares in the last quarter. Finally, Headlands Technologies LLC increased its stake in Forward Air by 98.5% during the first quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company's stock valued at $51,000 after acquiring an additional 811 shares during the period. 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.