Forward Air (NASDAQ:FWRD) Stock Price Crosses Below 200 Day Moving Average – What’s Next?

Forward Air Corporation (NASDAQ:FWRD) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $17.54 and traded as low as $16.76. Forward Air shares last traded at $16.93, with a volume of 480,509 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Susquehanna decreased their target price on Forward Air from $29.00 to $25.00 and set a “positive” rating for the company in a research report on Friday, October 2nd. Weiss Ratings raised Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, September 8th. Zacks Research raised Forward Air from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 29th. Wall Street Zen upgraded Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Stifel Nicolaus set a $27.00 price objective on Forward Air in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.00.

Forward Air Stock Down 11.3%

The company has a market capitalization of $535.41 million, a PE ratio of -1.90 and a beta of 1.31. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32. The stock’s 50 day moving average is $16.07 and its 200 day moving average is $17.54.

Hedge Funds Weigh In On Forward Air

Several hedge funds have recently made changes to their positions in FWRD. BlackRock Inc. bought a new stake in shares of Forward Air during the 2nd quarter valued at about $37,485,000. Private Management Group Inc. grew its holdings in shares of Forward Air by 3.4% during the third quarter. Private Management Group Inc. now owns 1,184,883 shares of the transportation company’s stock worth $18,069,000 after purchasing an additional 39,123 shares in the last quarter. Cibc World Market Inc. bought a new position in shares of Forward Air in the second quarter worth approximately $14,485,000. Deutsche Bank AG bought a new position in shares of Forward Air in the second quarter worth approximately $8,293,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Forward Air by 108.7% in the first quarter. Dimensional Fund Advisors LP now owns 318,858 shares of the transportation company’s stock worth $5,328,000 after purchasing an additional 166,084 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

About Forward Air

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.