Forward Air (NASDAQ:FWRD) Stock Price Down 5.6% - Here's Why

Key Points

• Forward Air Corporation's shares fell 5.6%, trading at $27.50, with a significant decline in trading volume compared to the average.
• Analysts have a moderate buy consensus on Forward Air, with price targets ranging from $33.00 to $43.00 following recent upgrades in ratings.
• In its latest earnings report, Forward Air missed EPS estimates at ($0.41) and reported a 3.9% year-over-year revenue decline, totaling $618.84 million.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report)'s share price was down 5.6% during trading on Wednesday . The stock traded as low as $26.63 and last traded at $27.50. Approximately 183,400 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 653,461 shares. The stock had previously closed at $29.12.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Susquehanna boosted their target price on shares of Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a research report on Tuesday, August 12th. Stifel Nicolaus lifted 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, July 24th. Finally, Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.75.

Forward Air Trading Down 4.9%

The company has a debt-to-equity ratio of 7.91, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market cap of $871.36 million, a price-to-earnings ratio of -4.72 and a beta of 1.43. The company's fifty day moving average is $26.77 and its two-hundred day moving average is $22.41.

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

Hedge Funds Weigh In On Forward Air

A number of institutional investors have recently modified their holdings of the stock. Hudson Bay Capital Management LP grew its holdings in 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 acquiring an additional 88,185 shares during the period. Caxton Associates LLP boosted its position in Forward Air by 124.2% in the 2nd quarter. Caxton Associates LLP now owns 107,113 shares of the transportation company's stock worth $2,629,000 after purchasing an additional 59,345 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Forward Air by 12.9% during the 2nd 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 during the period. Headlands Technologies LLC purchased a new position in shares of Forward Air during the 2nd quarter valued at approximately $182,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Forward Air by 207.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company's stock valued at $64,000 after purchasing an additional 1,753 shares in the last quarter. Hedge funds and other institutional investors 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.