Forward Air (NASDAQ:FWRD) Shares Gap Down – What’s Next?

Forward Air Co. (NASDAQ:FWRD) shares gapped down before the market opened on Wednesday . The stock had previously closed at $20.51, but opened at $19.39. Forward Air shares last traded at $20.67, with a volume of 55,627 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FWRD. Stifel Nicolaus increased their price objective on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. Robert W. Baird dropped their price target on shares of Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Finally, Benchmark reaffirmed a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $37.00.

Forward Air Stock Up 5.5 %

The firm has a market cap of $626.28 million, a price-to-earnings 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 moving average is $28.66 and its 200-day moving average is $32.53.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. increased its holdings in Forward Air by 742.9% during the 4th 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. Goldentree Asset Management LP acquired a new stake in shares of Forward Air in the third quarter valued at $14,270,000. Assenagon Asset Management S.A. bought a new position in shares of Forward Air in the fourth quarter valued at about $11,140,000. JPMorgan Chase & Co. lifted its position in Forward Air by 688.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock worth $11,573,000 after buying an additional 285,465 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Forward Air during the 4th quarter worth about $9,198,000. 97.03% of the stock is owned by institutional investors and hedge funds.

Forward Air Company Profile

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.