Forward Air (NASDAQ:FWRD) Stock Price Up 8.9% - What's Next?

Shares of Forward Air Co. (NASDAQ:FWRD - Get Free Report) traded up 8.9% on Monday . The company traded as high as $19.19 and last traded at $20.36. 13,801 shares changed hands during trading, a decline of 98% from the average session volume of 765,044 shares. The stock had previously closed at $18.69.

Wall Street Analyst Weigh In

Several research firms have commented on FWRD. Susquehanna cut their price target on Forward Air from $35.00 to $32.00 and set a "positive" rating for the company in a report on Monday, March 31st. Stifel Nicolaus reduced their target price on Forward Air from $29.00 to $22.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Finally, Robert W. Baird lowered 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $32.25.

Forward Air Stock Performance

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07. The stock has a market capitalization of $592.64 million, a price-to-earnings ratio of -0.82 and a beta of 1.29. The stock's 50-day simple moving average is $16.22 and its 200 day simple moving average is $24.56.

Institutional Investors Weigh In On Forward Air

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue increased its holdings in shares of Forward Air by 4.1% in the fourth quarter. State of Alaska Department of Revenue now owns 11,354 shares of the transportation company's stock valued at $366,000 after purchasing an additional 447 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Forward Air by 5.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company's stock valued at $313,000 after buying an additional 500 shares during the period. Legato Capital Management LLC bought a new stake in shares of Forward Air during the fourth quarter worth $745,000. Principal Financial Group Inc. lifted its stake in shares of Forward Air by 7.3% during the fourth 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 period. Finally, New York State Common Retirement Fund boosted its holdings in Forward Air by 17.2% in the fourth quarter. New York State Common Retirement Fund now owns 273,462 shares of the transportation company's stock valued at $8,819,000 after acquiring an additional 40,176 shares during the last quarter. Institutional investors and hedge funds 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.