Forward Air (NASDAQ:FWRD) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Key Points

• Stifel Nicolaus raised Forward Air’s price target from $19 to $27 and maintained a “buy” rating, implying 61.87% upside from the reported $16.68 share price.
• Analyst sentiment remains mixed: the stock has a consensus “hold” rating and a $22.50 average price target, with three buy ratings, one hold and one sell.
• Forward Air reported weaker-than-expected quarterly results, including an adjusted EPS loss of $1.09 versus the $0.35 expected and revenue of $582.05 million, down 5.1% year over year.

Forward Air (NASDAQ:FWRD - Get Free Report) had its price target boosted by Stifel Nicolaus from $19.00 to $27.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the transportation company's stock. Stifel Nicolaus' price objective would indicate a potential upside of 61.87% from the company's current price.

A number of other equities research analysts also recently issued reports on the stock. Zacks Research raised shares of Forward Air from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 7th. Susquehanna decreased their price objective on Forward Air from $42.00 to $18.00 and set a "positive" rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Forward Air in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $22.50.

Forward Air Stock Performance

Shares of NASDAQ:FWRD traded up $1.27 during trading on Thursday, hitting $16.68. The company's stock had a trading volume of 361,144 shares, compared to its average volume of 966,506. The company has a 50-day moving average of $13.27 and a 200-day moving average of $18.04. Forward Air has a 12 month low of $7.86 and a 12 month high of $32.00. The company has a debt-to-equity ratio of 13.98, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market cap of $527.50 million, a price-to-earnings ratio of -5.69 and a beta of 1.36.

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

Institutional Investors Weigh In On Forward Air

Hedge funds have recently made changes to their positions in the company. Royce & Associates LP boosted its position in shares of Forward Air by 60.7% during the 4th quarter. Royce & Associates LP now owns 281,553 shares of the transportation company's stock valued at $7,039,000 after acquiring an additional 106,364 shares during the last quarter. Melqart Asset Management UK Ltd raised its stake in 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 purchasing an additional 467,482 shares in the last quarter. BNP Paribas Financial Markets raised its stake in 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 purchasing an additional 208,096 shares in the last quarter. Cibc World Market Inc. lifted its position in Forward Air by 3.8% during the fourth quarter. Cibc World Market Inc. now owns 784,731 shares of the transportation company's stock valued at $19,618,000 after purchasing an additional 28,693 shares during the last quarter. Finally, Cornerstone Wealth LLC TN bought a new position in Forward Air during the first quarter valued at $319,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Forward Air Company Profile

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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