Forward Air (NASDAQ:FWRD) Shares Gap Up - Here's Why

Key Points

• Forward Air shares jumped 14%, opening at $16.01 versus a prior close of $15.14 and later trading at $17.34.
• Analyst views remain mixed: three analysts rate the stock Buy, one Hold, and one Sell. The average rating is Hold, with an average price target of $24.50.
• Institutional investors and hedge funds own approximately 97.03% of Forward Air’s stock, while the company has a market capitalization of about $545.6 million and a debt-to-equity ratio of 13.98.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $15.14, but opened at $16.01. Forward Air shares last traded at $17.34, with a volume of 223,651 shares changing hands.

Analyst Upgrades and Downgrades

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

Forward Air Trading Up 14.0%

The firm has a fifty day moving average of $16.08 and a 200 day moving average of $17.88. The firm has a market capitalization of $545.57 million, a PE ratio of -1.93 and a beta of 1.41. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32.

Hedge Funds Weigh In On Forward Air

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

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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