Forward Air (NASDAQ:FWRD) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded Forward Air from “strong buy” to “hold,” while analysts overall maintain an average “hold” rating with a $28 price target.
• Forward Air shares rose 9.7% to open at $17.89, remaining well below the stock’s 52-week high of $31.30.
• Institutional investors and hedge funds own approximately 97.03% of Forward Air’s outstanding shares, with several firms recently increasing their positions.

Forward Air (NASDAQ:FWRD - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other research firms also recently weighed in on FWRD. Susquehanna upped their target price on Forward Air from $18.00 to $29.00 and gave the company a "positive" rating in a research report on Thursday, August 13th. Stifel Nicolaus raised their price target on Forward Air from $19.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings downgraded Forward Air from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, August 21st. Finally, Wall Street Zen upgraded shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $28.00.

Forward Air Trading Up 9.7%

Shares of FWRD stock opened at $17.89 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98. The stock has a market cap of $565.68 million, a P/E ratio of -2.01 and a beta of 1.38. The stock has a 50 day simple moving average of $15.80 and a 200 day simple moving average of $16.52. Forward Air has a 1 year low of $7.86 and a 1 year high of $31.30.

Institutional Investors Weigh In On Forward Air

A number of hedge funds have recently made changes to their positions in FWRD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Forward Air by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company's stock valued at $299,000 after purchasing an additional 624 shares during the last quarter. AQR Capital Management LLC lifted its stake in Forward Air by 7.0% in the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company's stock valued at $201,000 after purchasing an additional 654 shares during the last quarter. LPL Financial LLC lifted its stake in Forward Air by 1.5% in the 4th quarter. LPL Financial LLC now owns 43,228 shares of the transportation company's stock valued at $1,081,000 after purchasing an additional 655 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Forward Air by 5.2% in the second quarter. Thrivent Financial for Lutherans now owns 15,436 shares of the transportation company's stock valued at $379,000 after buying an additional 762 shares in the last quarter. Finally, Logan Capital Management Inc. grew its stake in shares of Forward Air by 11.7% during the third quarter. Logan Capital Management Inc. now owns 7,575 shares of the transportation company's stock worth $194,000 after buying an additional 791 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Forward Air Company Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.

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