Forward Air (NASDAQ:FWRD) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Forward Air from “hold” to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $22.50.
• Forward Air shares rose 15.5% to open at $17.80, but the company recently reported a quarterly loss of $1.09 per share and revenue of $582.05 million, both worse than analyst expectations.
• Institutional investors own 97.03% of the stock, with several funds initiating or increasing positions, including ADAR1 Capital Management, which raised its stake by 193.8%.

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

Other equities analysts have also recently issued research reports about the company. Stifel Nicolaus raised their price target on Forward Air from $19.00 to $27.00 and gave the company a "buy" rating in a report on Thursday. Weiss Ratings reissued a "sell (e+)" rating on shares of Forward Air in a report on Friday, July 17th. Finally, Susquehanna cut their target price on shares of Forward Air from $42.00 to $18.00 and set a "positive" rating on the stock in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $22.50.

Forward Air Stock Up 15.5%

NASDAQ:FWRD opened at $17.80 on Wednesday. The company has a market cap of $562.84 million, a price-to-earnings ratio of -2.00 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. The stock's fifty day moving average price is $13.42 and its two-hundred day moving average price is $17.97. Forward Air has a 52-week low of $7.86 and a 52-week high of $32.00.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its earnings results on Thursday, May 7th. The transportation company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.74). The firm had revenue of $582.05 million during the quarter, compared to analyst estimates of $620.23 million. Forward Air had a negative net margin of 11.37% and a negative return on equity of 10.88%. The firm's quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the business posted ($1.68) earnings per share. On average, analysts anticipate that Forward Air will post -1.08 EPS for the current year.

Hedge Funds Weigh In On Forward Air

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new position in Forward Air in the 2nd quarter worth $987,000. State of Wyoming acquired a new stake in Forward Air in the second quarter valued at $102,000. Allied Private Wealth LLC bought a new position in shares of Forward Air in the 2nd quarter valued at about $57,000. Cornerstone Wealth LLC TN acquired a new position in shares of Forward Air during the 1st quarter worth about $319,000. Finally, ADAR1 Capital Management LLC increased its stake 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 worth $1,307,000 after purchasing an additional 51,606 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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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