Forward Air Corporation (NASDAQ:FWRD) Receives $34.00 Average Price Target from Analysts

Forward Air Corporation (NASDAQ:FWRD) has earned a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $34.00.

Several brokerages have recently commented on FWRD. Susquehanna decreased their price objective on shares of Forward Air from $35.00 to $32.00 and set a “positive” rating on the stock in a report on Monday, March 31st. Stifel Nicolaus upgraded shares of Forward Air from a “hold” rating to a “buy” rating and upped their price objective for the stock from $21.00 to $29.00 in a report on Thursday, June 26th. Finally, Wall Street Zen upgraded shares of Forward Air from a “sell” rating to a “hold” rating in a report on Saturday, June 21st.

Hedge Funds Weigh In On Forward Air

Several hedge funds have recently added to or reduced their stakes in FWRD. GAMMA Investing LLC grew its holdings in shares of Forward Air by 1,194.0% during the first quarter. GAMMA Investing LLC now owns 46,508 shares of the transportation company’s stock worth $934,000 after buying an additional 42,914 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Forward Air during the fourth quarter valued at approximately $815,000. Principal Financial Group Inc. lifted its position in Forward Air by 7.3% during the fourth quarter. Principal Financial Group Inc. now owns 97,148 shares of the transportation company’s stock valued at $3,133,000 after buying an additional 6,629 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Forward Air by 11.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,843 shares of the transportation company’s stock valued at $24,376,000 after buying an additional 79,960 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Forward Air during the fourth quarter valued at approximately $320,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Forward Air Stock Performance

FWRD opened at $26.47 on Thursday. The firm’s 50-day moving average price is $19.52 and its 200 day moving average price is $23.19. Forward Air has a twelve month low of $9.79 and a twelve month high of $40.92. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 7.55. The firm has a market capitalization of $805.07 million, a PE ratio of -0.91 and a beta of 1.41.

About Forward Air

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.