Forward Air (NASDAQ:FWRD) Stock Price Up 10.4% – Here’s Why

Shares of Forward Air Corporation (NASDAQ:FWRD) rose 10.4% on Friday . The company traded as high as $17.55 and last traded at $17.9990. Approximately 134,017 shares were traded during trading, a decline of 85% from the average session volume of 919,804 shares. The stock had previously closed at $16.31.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FWRD. Susquehanna increased their target price on Forward Air from $18.00 to $29.00 and gave the stock a “positive” rating in a report on Thursday, August 13th. Zacks Research upgraded shares of Forward Air from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Forward Air from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Stifel Nicolaus boosted their target price on shares of Forward Air from $19.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings lowered shares of Forward Air from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Forward Air Stock Up 9.9%

The firm’s 50 day moving average is $15.74 and its two-hundred day moving average is $16.51. The firm has a market capitalization of $566.63 million, a P/E ratio of -2.01 and a beta of 1.38. 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 and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in Forward Air by 1,179.7% during the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after purchasing an additional 296,001 shares during the period. AQR Capital Management LLC boosted its stake in shares of Forward Air by 7.0% in the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock valued at $201,000 after purchasing an additional 654 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 valued at $299,000 after purchasing an additional 624 shares during the last quarter. Intech Investment Management LLC lifted its stake in Forward Air by 64.2% in the 1st quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company’s stock valued at $1,467,000 after purchasing an additional 28,564 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Forward Air by 6.6% in the second quarter. Prudential Financial Inc. now owns 21,431 shares of the transportation company’s stock valued at $526,000 after buying an additional 1,323 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.