Forward Air (NASDAQ:FWRD) Trading 8.9% Higher – Time to Buy?

Forward Air Co. (NASDAQ:FWRD) was up 8.9% on Monday . The stock traded as high as $19.19 and last traded at $20.36. Approximately 13,801 shares traded hands during trading, a decline of 98% from the average daily volume of 765,044 shares. The stock had previously closed at $18.69.

Analysts Set New Price Targets

A number of brokerages have weighed in on FWRD. Stifel Nicolaus reduced their price target on Forward Air from $29.00 to $22.00 and set a “hold” rating for the company in a research report on Thursday, April 10th. Robert W. Baird reduced their target price on Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Finally, Susquehanna decreased their target price on Forward Air from $35.00 to $32.00 and set a “positive” rating for the company in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $32.25.

Forward Air Trading Up 0.3%

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07. The company has a 50-day moving average price of $16.22 and a 200-day moving average price of $24.56. The company has a market capitalization of $595.68 million, a price-to-earnings ratio of -0.82 and a beta of 1.29.

Institutional Trading of Forward Air

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its holdings in shares of Forward Air by 2.9% during the fourth quarter. Thrivent Financial for Lutherans now owns 15,442 shares of the transportation company’s stock worth $498,000 after buying an additional 432 shares during the last quarter. State of Alaska Department of Revenue increased its position in Forward Air by 4.1% during the fourth quarter. State of Alaska Department of Revenue now owns 11,354 shares of the transportation company’s stock worth $366,000 after acquiring an additional 447 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Forward Air by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,251 shares of the transportation company’s stock worth $460,000 after acquiring an additional 498 shares during the period. Louisiana State Employees Retirement System raised its stake in Forward Air by 5.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company’s stock valued at $313,000 after purchasing an additional 500 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Forward Air by 0.6% in the 4th quarter. Federated Hermes Inc. now owns 103,397 shares of the transportation company’s stock valued at $3,335,000 after purchasing an additional 572 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

About Forward Air

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.