Forward Air Corporation (NASDAQ:FWRD) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Forward Air Corporation (NASDAQ:FWRD) received a consensus recommendation of "Moderate Buy" from five brokerages, with an average price target of $37.75.
• Institutional investors have significantly increased their stakes in Forward Air, with notable increases by Littlejohn & Co. LLC and Point72 Asset Management, indicating strong confidence in the company's future.
• The company reported a loss of $0.41 earnings per share for the most recent quarter, missing estimates and showcasing a decline in both revenue and profitability compared to the previous year.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the five brokerages that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $37.75.

A number of equities analysts have weighed in on FWRD shares. Wall Street Zen raised shares of Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Susquehanna upped their price objective on shares of Forward Air from $40.00 to $43.00 and gave the company a "positive" rating in a research report on Tuesday, August 12th. Finally, Stifel Nicolaus increased their price target on Forward Air from $29.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, July 24th.

Hedge Funds Weigh In On Forward Air

Several institutional investors and hedge funds have recently made changes to their positions in FWRD. Littlejohn & Co. LLC boosted its stake in shares of Forward Air by 70.1% during the 1st quarter. Littlejohn & Co. LLC now owns 2,814,401 shares of the transportation company's stock valued at $56,541,000 after buying an additional 1,159,747 shares during the last quarter. Point72 Asset Management L.P. boosted its stake 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 acquiring an additional 408,600 shares during the last quarter. Royal Bank of Canada boosted its stake in Forward Air by 1,179.7% during the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company's stock valued at $6,451,000 after acquiring an additional 296,001 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Forward Air during the 4th quarter valued at $9,198,000. Finally, Ancora Advisors LLC boosted its stake in Forward Air by 28.9% during the 1st quarter. Ancora Advisors LLC now owns 1,230,390 shares of the transportation company's stock valued at $24,719,000 after acquiring an additional 275,500 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Forward Air Stock Up 0.4%

NASDAQ FWRD opened at $27.90 on Friday. The stock has a market cap of $859.04 million, a PE ratio of -4.66 and a beta of 1.43. Forward Air has a fifty-two week low of $9.78 and a fifty-two week high of $40.92. The business has a 50 day moving average price of $27.26 and a two-hundred day moving average price of $22.47. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 7.91.

Forward Air (NASDAQ:FWRD - Get Free Report) last announced its earnings results on Monday, August 11th. The transportation company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.24). The firm had revenue of $618.84 million during the quarter, compared to analysts' expectations of $627.98 million. Forward Air had a negative net margin of 6.86% and a negative return on equity of 40.36%. Forward Air's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter last year, the company posted ($23.29) earnings per share. As a group, sell-side analysts predict that Forward Air will post -0.72 EPS for the current fiscal year.

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.

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