Forward Air (NASDAQ:FWRD) Trading Up 5.3% - Here's Why

Key Points

• Forward Air's stock experienced a 5.3% increase, trading at $30.52 after a decline in trading volume compared to its average session.
• Analysts have set new price targets for Forward Air, with Stifel Nicolaus raising the target to $33.00 and Susquehanna increasing it to $43.00, reflecting a consensus rating of "Moderate Buy."
• Despite an increase in stock price, Forward Air reported a loss of ($0.41) EPS for the latest quarter, falling short of analysts' expectations and showing a year-over-year revenue decrease of 3.9%.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) traded up 5.3% during trading on Thursday . The stock traded as high as $30.33 and last traded at $30.52. 61,046 shares traded hands during trading, a decline of 91% from the average session volume of 655,521 shares. The stock had previously closed at $28.99.

Analysts Set New Price Targets

Several research firms recently issued reports on FWRD. Wall Street Zen upgraded shares of Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Susquehanna increased their price target on shares of Forward Air from $40.00 to $43.00 and gave the company a "positive" rating in a research note on Tuesday, August 12th. Finally, Stifel Nicolaus lifted their price target on shares of Forward Air from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Forward Air has an average rating of "Moderate Buy" and an average price target of $37.75.

Forward Air Stock Up 0.8%

The business's 50 day moving average is $26.95 and its 200-day moving average is $22.45. The company has a debt-to-equity ratio of 7.91, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $878.75 million, a PE ratio of -4.76 and a beta of 1.43.

Forward Air (NASDAQ:FWRD - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The transportation company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.24). The business had revenue of $618.84 million during the quarter, compared to analyst estimates of $627.98 million. Forward Air had a negative net margin of 6.86% and a negative return on equity of 40.36%. The firm's quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($23.29) earnings per share. As a group, analysts predict that Forward Air Corporation will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Forward Air

Several institutional investors have recently added to or reduced their stakes in the stock. Hudson Bay Capital Management LP raised its stake in shares of Forward Air by 50.9% during the second quarter. Hudson Bay Capital Management LP now owns 261,428 shares of the transportation company's stock worth $6,415,000 after purchasing an additional 88,185 shares during the last quarter. Caxton Associates LLP increased its stake in shares of Forward Air by 124.2% during the second quarter. Caxton Associates LLP now owns 107,113 shares of the transportation company's stock worth $2,629,000 after acquiring an additional 59,345 shares during the period. Public Sector Pension Investment Board raised its holdings in Forward Air by 12.9% during the second quarter. Public Sector Pension Investment Board now owns 71,519 shares of the transportation company's stock worth $1,755,000 after purchasing an additional 8,176 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Forward Air in the 2nd quarter valued at approximately $182,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Forward Air by 207.0% in the second quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company's stock valued at $64,000 after buying an additional 1,753 shares in the last quarter. Institutional investors and hedge funds 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.