Susquehanna Cuts Forward Air (NASDAQ:FWRD) Price Target to $18.00

Key Points

• Susquehanna slashed Forward Air's price target from $42 to $18 while maintaining a "positive" rating, with the new target implying only about a 3.9% upside from the prior close.
• Forward Air posted weak quarterly results, missing EPS (loss of $1.09 vs. a $0.35 expected) and revenue ($582.1M vs. $620.2M), the stock fell roughly 5.6%, and analysts hold a consensus "Hold" with an average target of $24 amid negative margins and a projected -0.47 EPS for the year.

Forward Air (NASDAQ:FWRD - Get Free Report) had its price target reduced by stock analysts at Susquehanna from $42.00 to $18.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "positive" rating on the transportation company's stock. Susquehanna's price target would suggest a potential upside of 3.87% from the stock's previous close.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus dropped their price objective on shares of Forward Air from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, April 16th. Zacks Research lowered shares of Forward Air from a "hold" rating to a "strong sell" rating in a report on Tuesday, January 13th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Forward Air in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $24.00.

Forward Air Stock Down 5.6%

Shares of Forward Air stock opened at $17.33 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 10.58. Forward Air has a 12-month low of $14.81 and a 12-month high of $32.47. The company has a market cap of $562.36 million, a P/E ratio of -4.92 and a beta of 1.59. The company's fifty day simple moving average is $19.70 and its two-hundred day simple moving average is $22.95.

Forward Air (NASDAQ:FWRD - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The transportation company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.74). Forward Air had a negative net margin of 4.32% and a negative return on equity of 42.67%. The firm had revenue of $582.05 million for the quarter, compared to analysts' expectations of $620.23 million. During the same period in the prior year, the business posted ($1.68) EPS. The business's quarterly revenue was down 5.1% compared to the same quarter last year. Research analysts anticipate that Forward Air will post -0.47 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Forward Air by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company's stock worth $299,000 after acquiring an additional 624 shares during the last quarter. AQR Capital Management LLC raised its holdings in Forward Air by 7.0% in the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company's stock worth $201,000 after purchasing an additional 654 shares during the period. LPL Financial LLC lifted its position in Forward Air by 1.5% during the fourth quarter. LPL Financial LLC now owns 43,228 shares of the transportation company's stock valued at $1,081,000 after purchasing an additional 655 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Forward Air by 5.2% during the second quarter. Thrivent Financial for Lutherans now owns 15,436 shares of the transportation company's stock valued at $379,000 after purchasing an additional 762 shares in the last quarter. Finally, Logan Capital Management Inc. grew its holdings in Forward Air by 11.7% during the third quarter. Logan Capital Management Inc. now owns 7,575 shares of the transportation company's stock valued at $194,000 after purchasing an additional 791 shares during the period. 97.03% of the stock is currently owned by institutional investors.

About Forward Air

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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