Forward Air (NASDAQ:FWRD) Stock Price Down 3.1% - What's Next?

On Friday, shares of Forward Air Corporation (NASDAQ:FWRD) experienced a decline of 3.1%. The stock hit a low of $29.63 before last trading at $29.91. During mid-day trading, approximately 335,301 shares exchanged hands, marking a significant drop of 65% when compared to the average daily trading volume of 953,213 shares. The stock had closed at $30.87 on the previous trading day.

Wall Street Analyst Insights

Several financial analysts have provided their takes on Forward Air's stock. Jefferies Financial Group issued a report with a price target of $47.00, assigning the stock a "buy" rating on October 18th. In contrast, Stifel Nicolaus raised its price target from $31.00 to $36.00 and gave it a "hold" rating on October 21st. StockNews.com also weighed in, lowering its rating for Forward Air to a "sell" on November 6th. Currently, there is one sell rating, four hold ratings, and one buy rating among analysts. Data from MarketBeat.com indicates that Forward Air has an average rating of "Hold" and a consensus price target of $39.25.

Forward Air Stock Performance

With a market capitalization of approximately $857.33 million, Forward Air's stock has a PE ratio of -1.24 and a beta of 1.02. The fifty-day moving average price for the stock stands at $35.53, while its 200-day moving average price is $30.04. Financial metrics show a current ratio and quick ratio of 1.21, and a debt-to-equity ratio of 5.07, indicating the firm's financial stability.

Institutional Share Transactions

Recent trading activity from institutional investors has seen significant changes in their positions regarding Forward Air. Clearlake Capital Group L.P. increased its holdings by 255.2% in the second quarter and now owns 3,825,000 shares valued at approximately $72.83 million after acquiring an additional 2,747,994 shares. MFN Partners Management LP also made a new investment in Forward Air worth around $17.21 million during the same quarter. Federated Hermes Inc. increased their stake by 712.5%, owning 680,929 shares worth about $12.97 million after purchasing an additional 597,120 shares. Additionally, Goldentree Asset Management LP took a new position valued around $14.27 million in the third quarter. Point72 Asset Management L.P. made a remarkable increase of 11,740.6%, now holding 372,500 shares worth about $7.09 million. Notably, approximately 97.03% of Forward Air's shares are owned by hedge funds and other institutional investors.

About Forward Air Corporation

Forward Air operates as a freight and logistics company with a focus on asset-light operations in the United States and Canada. The company has two primary segments: Expedited Freight and Intermodal. The Expedited Freight segment provides expedited services for regional, inter-regional, and national less-than-truckload shipments, as well as local distributions and various support services such as warehousing and customs brokerage.

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