Forward Air (NASDAQ:FWRD) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Forward Air shares rose 15.9%, trading as high as $17.66 and crossing above the 50-day moving average of $16.05. The stock last traded at $17.54 on volume of about 584,000 shares.
• Analyst sentiment remains mixed: three analysts rate the stock Buy, one rates it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $24.50, despite recent target-price reductions.
• Institutional investors and hedge funds own approximately 97.03% of Forward Air, with several firms recently initiating or increasing positions.

Shares of Forward Air Corporation (NASDAQ:FWRD - Get Free Report) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $16.05 and traded as high as $17.66. Forward Air shares last traded at $17.54, with a volume of 584,453 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on FWRD shares. Susquehanna cut their price objective on Forward Air from $29.00 to $25.00 and set a "positive" rating on the stock in a research report on Friday, October 2nd. Stifel Nicolaus decreased their target price on Forward Air from $27.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, October 8th. Zacks Research cut Forward Air from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 3rd. Wall Street Zen upgraded Forward Air from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings raised Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, September 8th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $24.50.

Forward Air Stock Up 15.9%

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98. The company has a market cap of $554.61 million, a price-to-earnings ratio of -1.97 and a beta of 1.41. The firm's fifty day simple moving average is $16.05 and its 200 day simple moving average is $17.84.

Hedge Funds Weigh In On Forward Air

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new position in shares of Forward Air during the second quarter worth approximately $28,000. Allied Private Wealth LLC purchased a new stake in Forward Air in the 2nd quarter valued at $57,000. Fifth Third Bancorp raised its position in Forward Air by 2,397.7% in the 1st quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company's stock valued at $92,000 after purchasing an additional 5,275 shares during the last quarter. State of Wyoming purchased a new stake in Forward Air in the 2nd quarter valued at $102,000. Finally, Corient Private Wealth LP acquired a new stake in Forward Air during the 2nd quarter worth $146,000. 97.03% of the stock is owned by institutional investors and hedge funds.

About Forward Air

Forward Air Corporation NASDAQ: FWRD is a transportation and logistics company that provides time-definite freight and supply chain services. Its offerings include expedited less-than-truckload transportation, truckload services, intermodal and drayage operations, final-mile delivery, and other logistics solutions designed for shipments requiring reliable transit times.

The company serves businesses across North America and supports domestic and international supply chains through a network of terminals, transportation partners, and logistics facilities.

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