Forward Air (NASDAQ:FWRD) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Forward Air from “hold” to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $26.00.
• Forward Air shares opened at $17.62, with a market capitalization of approximately $557 million and a 52-week range of $7.86 to $31.17.
• Institutional ownership is high at 97.03%, with major investors including BlackRock, CIBC World Markets, Deutsche Bank, Dimensional Fund Advisors, and Prescott Group increasing or initiating positions.

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

Other research analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Forward Air from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings raised Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, September 8th. Susquehanna dropped their price target on Forward Air from $29.00 to $25.00 and set a "positive" rating for the company in a research note on Friday, October 2nd. Finally, Stifel Nicolaus set a $27.00 price objective on shares of Forward Air in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Forward Air has an average rating of "Moderate Buy" and an average price target of $26.00.

Forward Air Stock Performance

Shares of NASDAQ FWRD opened at $17.62 on Thursday. The stock has a market cap of $557.14 million, a PE ratio of -1.98 and a beta of 1.41. Forward Air has a 1 year low of $7.86 and a 1 year high of $31.17. The firm has a fifty day moving average price of $16.03 and a 200-day moving average price of $17.74. The company has a debt-to-equity ratio of 13.98, a current ratio of 1.32 and a quick ratio of 1.32.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Forward Air during the 2nd quarter worth approximately $37,485,000. Cibc World Market Inc. bought a new position in shares of Forward Air during the 2nd quarter valued at approximately $14,485,000. Deutsche Bank AG bought a new position in shares of Forward Air during the 2nd quarter valued at approximately $8,293,000. Dimensional Fund Advisors LP grew its holdings in shares of Forward Air by 108.7% in the first quarter. Dimensional Fund Advisors LP now owns 318,858 shares of the transportation company's stock valued at $5,328,000 after purchasing an additional 166,084 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. grew its holdings in shares of Forward Air by 138.7% in the third quarter. Prescott Group Capital Management L.L.C. now owns 295,726 shares of the transportation company's stock valued at $4,510,000 after purchasing an additional 171,829 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

Forward Air Company Profile

Forward Air Corporation NASDAQ: FWRD is a transportation and logistics company that provides time-definite freight and supply chain services. Its offerings include expedited less-than-truckload transportation, truckload services, intermodal and drayage operations, final-mile delivery, and other logistics solutions designed for shipments requiring reliable transit times.

The company serves businesses across North America and supports domestic and international supply chains through a network of terminals, transportation partners, and logistics facilities.

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