Brokerages Set Forward Air Corporation (NASDAQ:FWRD) Price Target at $37.75

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.

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

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

Hedge Funds Weigh In On Forward Air

A number of large investors have recently bought and sold shares of FWRD. Littlejohn & Co. LLC raised its position in Forward Air by 70.1% during the 1st quarter. Littlejohn & Co. LLC now owns 2,814,401 shares of the transportation company's stock worth $56,541,000 after buying an additional 1,159,747 shares during the last quarter. Point72 Asset Management L.P. raised its position 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 worth $14,951,000 after buying an additional 408,600 shares during the last quarter. Royal Bank of Canada raised its position 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 worth $6,451,000 after buying an additional 296,001 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of Forward Air during the 4th quarter worth $9,198,000. Finally, Ancora Advisors LLC grew its stake in shares of Forward Air by 28.9% during the 1st quarter. Ancora Advisors LLC now owns 1,230,390 shares of the transportation company's stock worth $24,719,000 after purchasing an additional 275,500 shares during the period. Hedge funds and other institutional investors own 97.03% of the company's stock.

Forward Air Stock Performance

FWRD stock traded up $1.83 on Friday, hitting $31.76. The company's stock had a trading volume of 634,024 shares, compared to its average volume of 640,494. The firm has a 50 day moving average of $27.94 and a two-hundred day moving average of $22.44. Forward Air has a 1 year low of $9.78 and a 1 year high of $40.92. The stock has a market cap of $977.89 million, a price-to-earnings ratio of -5.30 and a beta of 1.43. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 7.91.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The transportation company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.24). Forward Air had a negative net margin of 6.86% and a negative return on equity of 40.36%. The business had revenue of $618.84 million during the quarter, compared to analysts' expectations of $627.98 million. During the same quarter last year, the company earned ($23.29) EPS. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. Equities 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.