Forward Air (NASDAQ:FWRD) Shares Up 6.8% – Time to Buy?

Forward Air Co. (NASDAQ:FWRD) shares rose 6.8% during trading on Thursday . The company traded as high as $30.35 and last traded at $30.34. Approximately 315,131 shares changed hands during trading, a decline of 67% from the average daily volume of 952,267 shares. The stock had previously closed at $28.40.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Forward Air to a “sell” rating in a report on Wednesday, November 6th. Stifel Nicolaus upped their price target on shares of Forward Air from $31.00 to $36.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Finally, Jefferies Financial Group set a $47.00 price objective on shares of Forward Air and gave the company a “buy” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Forward Air has an average rating of “Hold” and a consensus price target of $39.25.

Forward Air Stock Up 6.6 %

The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. The stock’s fifty day simple moving average is $34.79 and its two-hundred day simple moving average is $30.39. The company has a market capitalization of $876.32 million, a price-to-earnings ratio of -1.27 and a beta of 1.02.

Institutional Trading of Forward Air

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Clearlake Capital Group L.P. lifted its position in shares of Forward Air by 255.2% during the 2nd quarter. Clearlake Capital Group L.P. now owns 3,825,000 shares of the transportation company’s stock valued at $72,828,000 after acquiring an additional 2,747,994 shares during the last quarter. MFN Partners Management LP acquired a new stake in shares of Forward Air during the second quarter worth $17,208,000. Federated Hermes Inc. lifted its holdings in shares of Forward Air by 712.5% during the second quarter. Federated Hermes Inc. now owns 680,929 shares of the transportation company’s stock valued at $12,965,000 after purchasing an additional 597,120 shares during the last quarter. Goldentree Asset Management LP acquired a new position in shares of Forward Air in the 3rd quarter valued at $14,270,000. Finally, Point72 Asset Management L.P. increased its stake in Forward Air by 11,740.6% in the 2nd quarter. Point72 Asset Management L.P. now owns 372,500 shares of the transportation company’s stock worth $7,092,000 after purchasing an additional 375,700 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.