Forward Air (NASDAQ:FWRD) Sets New 12-Month Low on Disappointing Earnings

Key Points

• Forward Air shares hit a new 52-week low, falling as low as $9.50 after the company reported weaker-than-expected quarterly results.
• The company posted EPS of -$1.09, missing the consensus estimate of -$0.35, while revenue of $582.05 million also came in below expectations and was down 5.1% from a year earlier.
• Investors are also focused on future revenue risk, including management’s warning about a potential major customer loss, which has added to concerns about margins and profitability.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) hit a new 52-week low during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $9.50 and last traded at $9.87, with a volume of 9868307 shares traded. The stock had previously closed at $17.33.

The transportation company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.74). Forward Air had a negative return on equity of 37.50% and a negative net margin of 3.71%.The business had revenue of $582.05 million for the quarter, compared to analysts' expectations of $620.23 million. During the same period in the previous year, the firm posted ($1.68) earnings per share. The firm's revenue was down 5.1% compared to the same quarter last year.

Key Headlines Impacting Forward Air

Here are the key news stories impacting Forward Air this week:

• Positive Sentiment: Susquehanna kept a positive view on Forward Air (FWRD), even while cutting its price target from $42 to $18, which suggests some analysts still see recovery potential from current levels.
• Neutral Sentiment: Investors are reviewing the company’s Q1 2026 earnings transcript and conference call materials for more detail on management’s outlook and any turnaround plans. Forward Air (FWRD) Q1 2026 Earnings Transcript
• Neutral Sentiment: A shareholder investigation by Johnson Fistel into possible securities-law claims may add legal overhang, but its immediate stock impact is still uncertain. Forward Air Corporation Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information About Potentially Recovering Their Losses
• Negative Sentiment: Forward Air (FWRD) posted a much larger-than-expected Q1 loss and missed revenue estimates, reinforcing concerns that profitability remains under pressure. Forward Air (FWRD) Reports Q1 Loss, Misses Revenue Estimates
• Negative Sentiment: The biggest driver for the selloff appears to be management’s disclosure of a potential major customer loss, which raised fears about future revenue and margins. Forward Air flags customer loss, stock plummets

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Susquehanna decreased their price target on Forward Air from $42.00 to $18.00 and set a "positive" rating for the company in a research note on Friday. Weiss Ratings reiterated a "sell (e+)" rating on shares of Forward Air in a research note on Tuesday, April 21st. Zacks Research downgraded Forward Air from a "hold" rating to a "strong sell" rating in a research note on Tuesday, January 13th. Finally, Stifel Nicolaus set a $17.00 price target on Forward Air in a research note on Friday. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.50.

Institutional Investors Weigh In On Forward Air

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FWRD. Garton & Associates Financial Advisors LLC bought a new stake in Forward Air during the fourth quarter worth approximately $36,000. Tower Research Capital LLC TRC raised its holdings in Forward Air by 207.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company's stock worth $64,000 after purchasing an additional 1,753 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Forward Air during the fourth quarter worth approximately $74,000. AlphaQuest LLC raised its holdings in Forward Air by 541.5% during the third quarter. AlphaQuest LLC now owns 3,015 shares of the transportation company's stock worth $77,000 after purchasing an additional 2,545 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in Forward Air by 2,397.7% during the first quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company's stock worth $92,000 after purchasing an additional 5,275 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

Forward Air Price Performance

The company has a market cap of $320.28 million, a P/E ratio of -3.37 and a beta of 1.59. The company has a fifty day simple moving average of $19.70 and a 200-day simple moving average of $22.95. The company has a debt-to-equity ratio of 10.58, a current ratio of 1.22 and a quick ratio of 1.22.

About Forward Air

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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