Forward Air (NASDAQ:FWRD) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Forward Air from "strong sell" to "hold", reflecting a less bearish view on the stock. The broader analyst consensus remains Hold, with an average price target of $17.50.
• Forward Air reported weaker-than-expected quarterly results, with EPS of ($1.09) versus the expected ($0.35) and revenue of $582.05 million below estimates. Revenue also fell 5.1% year over year.
• The stock was trading at $12.18, well below its 200-day moving average of $19.70 and its 52-week high of $32.47. The company also carries a high debt-to-equity ratio of 13.98, highlighting financial leverage concerns.

Forward Air (NASDAQ:FWRD - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

FWRD has been the subject of several other reports. Susquehanna dropped their target price on shares of Forward Air from $42.00 to $18.00 and set a "positive" rating for the company in a research report on Friday, May 8th. Stifel Nicolaus set a $17.00 price objective on shares of Forward Air in a research note on Friday, May 8th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Forward Air in a research note on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $17.50.

Forward Air Stock Performance

NASDAQ:FWRD opened at $12.18 on Tuesday. The stock has a fifty day moving average price of $12.47 and a 200-day moving average price of $19.70. The company has a market cap of $385.13 million, a price-to-earnings ratio of -4.16 and a beta of 1.36. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.23 and a current ratio of 1.23. Forward Air has a fifty-two week low of $7.86 and a fifty-two week high of $32.47.

Forward Air (NASDAQ:FWRD - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The transportation company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.74). Forward Air had a negative return on equity of 41.21% and a negative net margin of 3.71%.The company had revenue of $582.05 million during the quarter, compared to the consensus estimate of $620.23 million. During the same quarter in the previous year, the business posted ($1.68) EPS. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities analysts anticipate that Forward Air will post -1.08 EPS for the current fiscal year.

Institutional Trading of Forward Air

A number of hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Wealth LLC TN acquired a new position in shares of Forward Air during the first quarter worth $319,000. ADAR1 Capital Management LLC boosted its holdings in shares of Forward Air by 193.8% during the 1st quarter. ADAR1 Capital Management LLC now owns 78,241 shares of the transportation company's stock valued at $1,307,000 after acquiring an additional 51,606 shares in the last quarter. Quantinno Capital Management LP grew its position in Forward Air by 25.0% during the 1st quarter. Quantinno Capital Management LP now owns 20,758 shares of the transportation company's stock worth $347,000 after acquiring an additional 4,155 shares during the last quarter. Entropy Technologies LP grew its position in Forward Air by 109.5% during the 1st quarter. Entropy Technologies LP now owns 19,680 shares of the transportation company's stock worth $329,000 after acquiring an additional 10,287 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Forward Air in the 1st quarter worth about $3,535,000. Institutional investors and hedge funds own 97.03% of the company's stock.

About Forward Air

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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