Forward Air (NASDAQ:FWRD) Shares Gap Up - What's Next?

Key Points

• Forward Air shares gapped up before trading on Tuesday, opening at $15.15 after closing at $13.20, and last traded around $15.87 on heavy volume.
• Analyst sentiment remains mixed but cautious: the stock has an average Hold rating and a consensus price target of $17.50, even after several firms cut targets or maintained bearish views.
• The company’s latest earnings were weak, with EPS of -$1.09 versus expectations of -$0.35 and revenue of $582.05 million below estimates, while analysts expect Forward Air to post a loss for the full year.

Shares of Forward Air Corporation (NASDAQ:FWRD - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $13.20, but opened at $15.15. Forward Air shares last traded at $15.8680, with a volume of 1,943,234 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Susquehanna decreased their target price on Forward Air from $42.00 to $18.00 and set a "positive" rating for the company in a research report on Friday, May 8th. Stifel Nicolaus set a $17.00 price target on shares of Forward Air in a research report on Friday, May 8th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Forward Air in a research report on Friday. Finally, Zacks Research upgraded shares of Forward Air from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Forward Air currently has an average rating of "Hold" and an average target price of $17.50.

Forward Air Price Performance

The business has a fifty day moving average of $11.80 and a 200-day moving average of $19.02. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 13.98. The firm has a market cap of $500.54 million, a PE ratio of -5.41 and a beta of 1.36.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The transportation company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.74). Forward Air had a negative return on equity of 41.21% and a negative net margin of 3.71%.The firm had revenue of $582.05 million during the quarter, compared to the consensus estimate of $620.23 million. During the same period in the previous year, the company posted ($1.68) EPS. The company's revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, research analysts predict that Forward Air Corporation will post -1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Melqart Asset Management UK Ltd increased its position in shares of Forward Air by 122.3% during the fourth quarter. Melqart Asset Management UK Ltd now owns 849,876 shares of the transportation company's stock valued at $21,247,000 after buying an additional 467,482 shares during the period. Royal Bank of Canada boosted its position in shares of Forward Air by 1,179.7% in the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company's stock worth $6,451,000 after purchasing an additional 296,001 shares in the last quarter. Deutsche Bank AG boosted its holdings in Forward Air by 780.4% in the fourth quarter. Deutsche Bank AG now owns 281,800 shares of the transportation company's stock worth $7,045,000 after acquiring an additional 249,791 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Forward Air in the first quarter worth $3,535,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Forward Air by 105.8% during the fourth quarter. BNP Paribas Financial Markets now owns 404,706 shares of the transportation company's stock valued at $10,118,000 after acquiring an additional 208,096 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

About Forward Air

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.

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