Forward Air (NASDAQ:FWRD) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Forward Air (NASDAQ:FWRD) shares have recently surpassed their 200-day moving average, indicating potential upward momentum in trading.
• Wall Street analysts have mixed views, with Susquehanna raising the price target to $43.00, while Wall Street Zen downgraded the stock from "hold" to "sell."
• The company reported a loss of $0.41 EPS for the last quarter, falling short of expectations, and experienced a 3.9% year-over-year revenue decline.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.98 and traded as high as $25.56. Forward Air shares last traded at $24.95, with a volume of 1,133,663 shares traded.

Wall Street Analysts Forecast Growth

FWRD has been the subject of a number of recent research reports. Susquehanna raised their price objective on shares of Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a research note on Tuesday, August 12th. Wall Street Zen cut shares of Forward Air from a "hold" rating to a "sell" rating in a research note on Saturday, September 20th. Finally, Stifel Nicolaus raised their price objective on shares of Forward Air from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.75.

Forward Air Price Performance

The stock has a market capitalization of $768.21 million, a PE ratio of -4.17 and a beta of 1.39. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 7.91. The company's 50 day simple moving average is $29.18 and its 200 day simple moving average is $22.98.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its 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). The firm had revenue of $618.84 million during the quarter, compared to analysts' expectations of $627.98 million. Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%.The firm's revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($23.29) earnings per share. On average, equities analysts anticipate that Forward Air Corporation will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On Forward Air

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Forward Air by 1,194.0% in the 1st quarter. GAMMA Investing LLC now owns 46,508 shares of the transportation company's stock valued at $934,000 after purchasing an additional 42,914 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Forward Air in the 1st quarter valued at $960,000. New York State Common Retirement Fund boosted its holdings in shares of Forward Air by 7.8% in the 1st quarter. New York State Common Retirement Fund now owns 294,682 shares of the transportation company's stock valued at $5,920,000 after purchasing an additional 21,220 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Forward Air by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 99,821 shares of the transportation company's stock valued at $2,005,000 after purchasing an additional 2,673 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in shares of Forward Air by 19.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 339,523 shares of the transportation company's stock valued at $6,821,000 after purchasing an additional 54,320 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

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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