Forward Air (NASDAQ:FWRD) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Forward Air (NASDAQ:FWRD) from a hold rating to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

A number of other research analysts have also commented on FWRD. Stifel Nicolaus boosted their price target on shares of Forward Air from $19.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research report on Friday, July 17th. Finally, Susquehanna dropped their price objective on Forward Air from $42.00 to $18.00 and set a “positive” rating for the company in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Forward Air Trading Up 15.5%

Shares of Forward Air stock opened at $17.80 on Wednesday. The company’s 50-day moving average price is $13.42 and its 200-day moving average price is $17.97. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 13.98. Forward Air has a 12-month low of $7.86 and a 12-month high of $32.00. The company has a market cap of $562.84 million, a price-to-earnings ratio of -2.00 and a beta of 1.36.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Thursday, May 7th. The transportation company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.74). Forward Air had a negative net margin of 11.37% and a negative return on equity of 10.88%. The firm had revenue of $582.05 million for the quarter, compared to analysts’ expectations of $620.23 million. During the same period in the prior year, the firm posted ($1.68) EPS. Forward Air’s revenue was down 5.1% on a year-over-year basis. On average, equities analysts expect that Forward Air will post -1.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forward Air

Several hedge funds have recently bought and sold shares of the stock. Garton & Associates Financial Advisors LLC bought a new position in shares of Forward Air in the 4th quarter worth $36,000. Tower Research Capital LLC TRC lifted its holdings in shares of Forward Air by 207.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company’s stock worth $64,000 after acquiring an additional 1,753 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Forward Air during the 4th quarter worth $74,000. Allied Private Wealth LLC purchased a new position in Forward Air in the second quarter worth $57,000. Finally, Lazard Asset Management LLC purchased a new position in Forward Air in the second quarter worth $107,000. 97.03% of the stock is currently owned by institutional investors.

Forward Air Company Profile

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.