Forward Air (NASDAQ:FWRD) Trading Down 8% – What’s Next?

Forward Air Corporation (NASDAQ:FWRD) shares were down 8% during trading on Friday . The company traded as low as $21.85 and last traded at $21.96. Approximately 257,291 shares traded hands during trading, a decline of 56% from the average daily volume of 585,931 shares. The stock had previously closed at $23.88.

Analysts Set New Price Targets

A number of research analysts have issued reports on FWRD shares. Stifel Nicolaus upped their target price on shares of Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Zacks Research downgraded shares of Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Air in a research note on Thursday, January 22nd. Susquehanna reissued a “positive” rating and set a $42.00 price target on shares of Forward Air in a research note on Tuesday, February 24th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Forward Air in a report on Thursday, November 6th. Three analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.00.

Forward Air Stock Down 8.0%

The company has a debt-to-equity ratio of 10.58, a current ratio of 1.22 and a quick ratio of 1.20. The stock has a market cap of $686.88 million, a price-to-earnings ratio of -6.24 and a beta of 1.33. The firm’s 50-day moving average is $27.12 and its 200 day moving average is $25.44.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Monday, February 23rd. The transportation company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Forward Air had a negative net margin of 4.32% and a negative return on equity of 42.67%. The company had revenue of $631.23 million for the quarter, compared to analysts’ expectations of $629.60 million. During the same period in the prior year, the firm earned ($1.23) earnings per share. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts anticipate that Forward Air Corporation will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FWRD. Vanguard Group Inc. grew its stake in Forward Air by 15.1% during the third quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock worth $60,347,000 after buying an additional 307,906 shares during the period. Ridgemont Partners Management LLC increased its holdings in Forward Air by 0.7% in the 3rd quarter. Ridgemont Partners Management LLC now owns 1,937,405 shares of the transportation company’s stock valued at $49,675,000 after purchasing an additional 13,926 shares in the last quarter. Ancora Advisors LLC increased its holdings in Forward Air by 8.5% in the 3rd quarter. Ancora Advisors LLC now owns 1,475,055 shares of the transportation company’s stock valued at $37,820,000 after purchasing an additional 116,012 shares in the last quarter. Private Management Group Inc. raised its position in Forward Air by 8.7% in the second quarter. Private Management Group Inc. now owns 1,046,226 shares of the transportation company’s stock valued at $25,674,000 after purchasing an additional 83,600 shares during the period. Finally, State Street Corp lifted its stake in shares of Forward Air by 2.1% during the fourth quarter. State Street Corp now owns 949,784 shares of the transportation company’s stock worth $23,745,000 after purchasing an additional 19,854 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.