Forward Air (NASDAQ:FWRD) Stock Price Down 3.5% - Here's What Happened

Forward Air Corporation (NASDAQ:FWRD - Get Free Report)'s stock price fell 3.5% during trading on Wednesday . The company traded as low as $22.05 and last traded at $22.09. 231,375 shares were traded during mid-day trading, a decline of 69% from the average session volume of 747,892 shares. The stock had previously closed at $22.88.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FWRD shares. Susquehanna reduced their target price on shares of Forward Air from $35.00 to $32.00 and set a "positive" rating for the company in a research note on Monday, March 31st. Robert W. Baird cut their price target on shares of Forward Air from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Wall Street Zen raised shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Stifel Nicolaus decreased their price objective on shares of Forward Air from $29.00 to $22.00 and set a "hold" rating for the company in a report on Thursday, April 10th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $32.25.

Forward Air Stock Performance

The company has a market cap of $674.72 million, a price-to-earnings ratio of -0.76 and a beta of 1.29. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a fifty day simple moving average of $17.65 and a 200 day simple moving average of $23.78.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Inspire Investing LLC boosted its holdings in Forward Air by 36.1% during the first quarter. Inspire Investing LLC now owns 17,153 shares of the transportation company's stock valued at $345,000 after acquiring an additional 4,552 shares during the period. Intech Investment Management LLC lifted its position in shares of Forward Air by 64.2% during the 1st quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company's stock worth $1,467,000 after purchasing an additional 28,564 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Forward Air during the 1st quarter worth about $960,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Forward Air by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company's stock valued at $299,000 after purchasing an additional 624 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Forward Air by 7.0% in the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company's stock valued at $201,000 after buying an additional 654 shares during the last quarter. Institutional investors 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.