Forward Air (NASDAQ:FWRD) Shares Gap Up - Should You Buy?

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) gapped up prior to trading 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

Several analysts have issued reports on FWRD shares. Wall Street Zen raised shares of Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Stifel Nicolaus raised shares of Forward Air from a "hold" rating to a "buy" rating and raised their price target for the company from $21.00 to $29.00 in a report on Thursday. Finally, Susquehanna cut 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Forward Air Stock Performance

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 company has a 50 day moving average price of $18.48 and a 200 day moving average price of $23.42. The company has a market capitalization of $765.06 million, a PE ratio of -0.87 and a beta of 1.29.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FWRD. GAMMA Investing LLC grew its stake in Forward Air by 1,194.0% in the first quarter. GAMMA Investing LLC now owns 46,508 shares of the transportation company's stock worth $934,000 after purchasing an additional 42,914 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Forward Air in the 4th quarter worth approximately $815,000. Principal Financial Group Inc. increased its holdings in shares of Forward Air by 7.3% in the 4th quarter. Principal Financial Group Inc. now owns 97,148 shares of the transportation company's stock valued at $3,133,000 after acquiring an additional 6,629 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Forward Air by 11.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 755,843 shares of the transportation company's stock valued at $24,376,000 after acquiring an additional 79,960 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Forward Air during the 4th quarter valued at approximately $320,000. 97.03% of the stock is owned by institutional investors and hedge funds.

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.