Forward Air (NASDAQ:FWRD) Share Price Breaks Above Two Hundred Day Moving Average – What’s Next?

Forward Air Corporation (NASDAQ:FWRD) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $15.32 and traded as high as $16.04. Forward Air shares last traded at $15.84, with a volume of 181,380 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wall Street Zen upgraded Forward Air from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 8th. Susquehanna cut their price objective on Forward Air from $29.00 to $25.00 and set a “positive” rating on the stock in a report on Friday, October 2nd. Zacks Research lowered shares of Forward Air from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Finally, Stifel Nicolaus reduced their price objective on shares of Forward Air from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $24.50.

Forward Air Stock Performance

The firm’s 50-day simple moving average is $16.60 and its two-hundred day simple moving average is $15.32. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98. The stock has a market capitalization of $475.56 million, a PE ratio of -1.69 and a beta of 1.41.

Hedge Funds Weigh In On Forward Air

Large investors have recently made changes to their positions in the business. Cibc World Market Inc. purchased a new position in Forward Air during the second quarter valued at approximately $14,485,000. Renaissance Technologies LLC acquired a new position in Forward Air in the 1st quarter valued at approximately $3,535,000. Dimensional Fund Advisors LP lifted its position in Forward Air by 108.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 318,858 shares of the transportation company’s stock worth $5,328,000 after buying an additional 166,084 shares in the last quarter. AlpInvest Partners B.V. purchased a new stake in Forward Air in the 2nd quarter worth approximately $1,396,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Forward Air in the 2nd quarter worth approximately $846,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Forward Air Company Profile

Forward Air Corporation (NASDAQ: FWRD) is a transportation and logistics company that provides time-definite, less-than-truckload and other supply chain services. Its offerings include expedited ground transportation, intermodal drayage, truckload services, final-mile delivery, pool distribution and freight forwarding.

The company serves a range of industries, including aviation, automotive, healthcare, retail and manufacturing. Forward Air’s network is focused primarily on North America, with international logistics capabilities provided through its global forwarding operations.

Founded in 1981, Forward Air has historically operated an asset-light transportation model that emphasizes the movement of shipments between key distribution centers and transportation hubs.