Forward Air (NASDAQ:FWRD) Trading Up 9.8% - Here's Why

Shares of Forward Air Corporation (NASDAQ:FWRD - Get Free Report) rose 9.8% on Wednesday . The stock traded as high as $31.74 and last traded at $30.52. Approximately 916,167 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 705,197 shares. The stock had previously closed at $27.80.

Analysts Set New Price Targets

FWRD has been the topic of several research analyst reports. Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Stifel Nicolaus boosted their price objective on shares of Forward Air from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Susquehanna dropped 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $35.00.

Forward Air Trading Up 2.1%

The company has a debt-to-equity ratio of 7.55, a current ratio of 1.13 and a quick ratio of 1.13. The stock's 50-day moving average is $22.56 and its two-hundred day moving average is $22.96. The stock has a market cap of $970.40 million, a P/E ratio of -1.10 and a beta of 1.41.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FWRD. GAMMA Investing LLC increased its holdings in shares of Forward Air by 1,194.0% during the 1st quarter. GAMMA Investing LLC now owns 46,508 shares of the transportation company's stock valued at $934,000 after purchasing an additional 42,914 shares in the last quarter. New York State Common Retirement Fund lifted its position in Forward Air by 7.8% in the first quarter. New York State Common Retirement Fund now owns 294,682 shares of the transportation company's stock valued at $5,920,000 after buying an additional 21,220 shares during the last quarter. Principal Financial Group Inc. increased its stake in Forward Air by 2.8% during the first quarter. Principal Financial Group Inc. now owns 99,821 shares of the transportation company's stock worth $2,005,000 after purchasing an additional 2,673 shares during the period. Raymond James Financial Inc. purchased a new stake in Forward Air during the fourth quarter worth about $320,000. Finally, Wells Fargo & Company MN increased its stake in shares of Forward Air by 10.2% during the fourth quarter. Wells Fargo & Company MN now owns 30,042 shares of the transportation company's stock worth $969,000 after buying an additional 2,773 shares during the period. Hedge funds and other 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.