Forward Air (NASDAQ:FWRD) Stock Price Crosses Below 200 Day Moving Average - What's Next?

Key Points

• Forward Air shares fell below their 200-day moving average, trading as low as $16.76 and last at $16.93, versus a 200-day average of $17.54.
• Analyst views are mixed, but MarketBeat reports a “Moderate Buy” consensus and an average price target of $26; Susquehanna cut its target to $25, while Zacks Research upgraded the stock to Strong Buy.
• Hedge funds and other institutional investors own 97.03% of the stock; the company’s market capitalization is about $535 million.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $17.54 and traded as low as $16.76. Forward Air shares last traded at $16.93, with a volume of 480,509 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Susquehanna decreased their target price on 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 Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, September 8th. Zacks Research raised Forward Air from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 29th. Wall Street Zen upgraded Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Stifel Nicolaus set a $27.00 price objective on Forward Air in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $26.00.

Forward Air Stock Down 11.3%

The company has a market capitalization of $535.41 million, a PE ratio of -1.90 and a beta of 1.31. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32. The stock's 50 day moving average is $16.07 and its 200 day moving average is $17.54.

Hedge Funds Weigh In On Forward Air

Several hedge funds have recently made changes to their positions in FWRD. BlackRock Inc. bought a new stake in shares of Forward Air during the 2nd quarter valued at about $37,485,000. Private Management Group Inc. grew its holdings in shares of Forward Air by 3.4% during the third quarter. Private Management Group Inc. now owns 1,184,883 shares of the transportation company's stock worth $18,069,000 after purchasing an additional 39,123 shares in the last quarter. Cibc World Market Inc. bought a new position in shares of Forward Air in the second quarter worth approximately $14,485,000. Deutsche Bank AG bought a new position in shares of Forward Air in the second quarter worth approximately $8,293,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Forward Air by 108.7% in the first quarter. Dimensional Fund Advisors LP now owns 318,858 shares of the transportation company's stock worth $5,328,000 after purchasing an additional 166,084 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.