Forward Air (NASDAQ:FWRD) Stock Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Forward Air shares broke above their 200-day moving average, reaching $16.04 before closing at $15.84, compared with the 200-day average of $15.32.
• 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.
• Institutional ownership is substantial at 97.03%, with major new positions purchased by BlackRock, Cibc World Market, Deutsche Bank and other investment firms.

Shares of Forward Air Corporation (NASDAQ:FWRD - Get Free Report) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $15.32 and traded as high as $16.04. Forward Air shares last traded at $15.84, with a volume of 181,380 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FWRD. Weiss Ratings raised Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, September 8th. Zacks Research lowered Forward Air from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Susquehanna dropped their price target 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 reduced their price target on Forward Air from $27.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, October 8th. Finally, Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $24.50.

Forward Air Stock Performance

The stock has a market capitalization of $500.86 million, a PE ratio of -1.78 and a beta of 1.41. The business has a 50 day moving average price of $16.68 and a 200 day moving average price of $15.32. The company has a debt-to-equity ratio of 13.98, a current ratio of 1.32 and a quick ratio of 1.32.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Forward Air during the second quarter valued at approximately $37,485,000. Cibc World Market Inc. purchased a new position in Forward Air in the 2nd quarter worth approximately $14,485,000. Deutsche Bank AG purchased a new position in Forward Air in the 2nd quarter worth approximately $8,293,000. Landscape Capital Management L.L.C. purchased a new position in Forward Air in the 2nd quarter worth approximately $2,987,000. Finally, Renaissance Technologies LLC bought a new position in Forward Air in the 1st quarter valued at approximately $3,535,000. Institutional investors 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, less-than-truckload and other supply chain services. Its offerings include expedited ground transportation, intermodal drayage, truckload services, final-mile delivery, pool distribution and freight forwarding.

The company serves a range of industries, including aviation, automotive, healthcare, retail and manufacturing. Forward Air's network is focused primarily on North America, with international logistics capabilities provided through its global forwarding operations.

Founded in 1981, Forward Air has historically operated an asset-light transportation model that emphasizes the movement of shipments between key distribution centers and transportation hubs.

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