Forward Air (NASDAQ:FWRD) Shares Gap Up – Here’s Why

Forward Air Corporation (NASDAQ:FWRD)’s stock price gapped up before the market opened 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 traded.

Analysts Set New Price Targets

FWRD has been the topic of several recent analyst reports. Susquehanna dropped their target price on shares of Forward Air from $29.00 to $25.00 and set a “positive” rating on the stock in a report on Friday, October 2nd. Stifel Nicolaus set a $27.00 target price on Forward Air in a report on Thursday. Weiss Ratings upgraded Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, September 8th. Zacks Research downgraded shares of Forward Air from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. Finally, Wall Street Zen upgraded shares of Forward Air from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $26.00.

Forward Air Stock Down 1.4%

The stock’s 50 day simple moving average is $16.04 and its two-hundred day simple moving average is $17.79. The firm has a market cap of $557.05 million, a P/E ratio of -1.98 and a beta of 1.41. 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

Institutional investors have recently made changes to their positions in the stock. Prescott Group Capital Management L.L.C. boosted its holdings in shares of Forward Air by 138.7% in the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 295,726 shares of the transportation company’s stock worth $4,510,000 after purchasing an additional 171,829 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Forward Air during the second quarter worth $406,000. Engineers Gate Manager LP increased its stake in Forward Air by 68.8% in the 2nd quarter. Engineers Gate Manager LP now owns 76,646 shares of the transportation company’s stock worth $1,035,000 after buying an additional 31,241 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Forward Air in the 2nd quarter valued at about $28,000. Finally, Squarepoint Ops LLC increased its position in shares of Forward Air by 12.7% during the second quarter. Squarepoint Ops LLC now owns 194,766 shares of the transportation company’s stock worth $2,631,000 after acquiring an additional 21,908 shares during the period. Institutional investors own 97.03% of the company’s stock.

Forward Air Company Profile

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.