Forward Air (NASDAQ:FWRD) Trading Down 4.2% - Here's Why

Forward Air Corporation (NASDAQ:FWRD - Get Free Report)'s share price fell 4.2% during trading on Monday . The company traded as low as $24.30 and last traded at $24.08. 22,094 shares were traded during trading, a decline of 97% from the average session volume of 717,148 shares. The stock had previously closed at $25.15.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Stifel Nicolaus upgraded shares of Forward Air from a "hold" rating to a "buy" rating and boosted their price target for the stock from $21.00 to $29.00 in a report on Thursday, June 26th. Finally, Susquehanna reduced their price objective on shares of Forward Air from $35.00 to $32.00 and set a "positive" rating on the stock in a report on Monday, March 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Forward Air currently has a consensus rating of "Moderate Buy" and an average price target of $34.00.

Forward Air Stock Up 0.6%

The company has a debt-to-equity ratio of 7.55, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market cap of $805.07 million, a price-to-earnings ratio of -0.91 and a beta of 1.41. The firm has a 50-day moving average price of $19.28 and a two-hundred day moving average price of $23.28.

Hedge Funds Weigh In On Forward Air

Several hedge funds have recently added to or reduced their stakes in FWRD. Sterling Capital Management LLC boosted its holdings in shares of Forward Air by 812.5% in the 4th quarter. Sterling Capital Management LLC now owns 803 shares of the transportation company's stock valued at $26,000 after buying an additional 715 shares in the last quarter. Byrne Asset Management LLC lifted its position in Forward Air by 81.3% in the first quarter. Byrne Asset Management LLC now owns 1,940 shares of the transportation company's stock valued at $39,000 after acquiring an additional 870 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Forward Air in the fourth quarter valued at $72,000. AlphaQuest LLC grew its holdings in shares of Forward Air by 155.9% during the fourth quarter. AlphaQuest LLC now owns 2,925 shares of the transportation company's stock worth $94,000 after purchasing an additional 1,782 shares during the last quarter. Finally, Aquatic Capital Management LLC purchased a new position in shares of Forward Air during the fourth quarter worth about $138,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.