Forward Air (NASDAQ:FWRD) Shares Gap Up - Here's What Happened

Shares of Forward Air Corporation (NASDAQ:FWRD - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $22.46, but opened at $24.98. Forward Air shares last traded at $24.47, with a volume of 143,499 shares.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FWRD shares. Susquehanna cut their price target on shares of Forward Air from $35.00 to $32.00 and set a "positive" rating on the stock in a research note on Monday, March 31st. Stifel Nicolaus raised shares of Forward Air from a "hold" rating to a "buy" rating and set a $29.00 target price for the company in a research note on Thursday. Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Finally, Robert W. Baird reduced their price objective on Forward Air from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

Forward Air Stock Performance

The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 7.55. The stock's 50 day moving average price is $18.12 and its 200 day moving average price is $23.61. The company has a market capitalization of $764.45 million, a price-to-earnings ratio of -0.86 and a beta of 1.29.

Institutional Trading of Forward Air

Institutional investors and hedge funds have recently bought and sold shares of the business. Sterling Capital Management LLC boosted its position in Forward Air by 812.5% during the fourth quarter. Sterling Capital Management LLC now owns 803 shares of the transportation company's stock worth $26,000 after purchasing an additional 715 shares during the period. Byrne Asset Management LLC raised its holdings in Forward Air by 81.3% in the 1st 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 period. Public Employees Retirement System of Ohio bought a new position in Forward Air in the 4th quarter valued at about $72,000. AlphaQuest LLC lifted its position in 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 acquiring an additional 1,782 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Forward Air during the fourth quarter worth approximately $138,000. Institutional investors own 97.03% of the company's stock.

About Forward Air

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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