Analysts Set Forward Air Corporation (NASDAQ:FWRD) Price Target at $37.75

Shares of Forward Air Corporation (NASDAQ:FWRD) have received an average recommendation of “Hold” from the six brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $37.75.

Several analysts have issued reports on FWRD shares. Wall Street Zen cut shares of Forward Air from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research note on Wednesday, October 8th. Stifel Nicolaus increased their target price on shares of Forward Air from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Finally, Susquehanna increased their target price on shares of Forward Air from $40.00 to $43.00 and gave the stock a “positive” rating in a research note on Tuesday, August 12th.

Institutional Trading of Forward Air

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank raised its holdings in Forward Air by 8.5% in the second quarter. Amalgamated Bank now owns 6,174 shares of the transportation company’s stock worth $152,000 after buying an additional 484 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Forward Air by 26.9% during the second quarter. Nisa Investment Advisors LLC now owns 2,499 shares of the transportation company’s stock valued at $61,000 after purchasing an additional 530 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Forward Air by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company’s stock valued at $299,000 after purchasing an additional 624 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Forward Air by 12.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,725 shares of the transportation company’s stock valued at $140,000 after purchasing an additional 629 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Forward Air by 7.0% during the first quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock valued at $201,000 after purchasing an additional 654 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Forward Air Stock Performance

NASDAQ FWRD opened at $21.72 on Friday. Forward Air has a 1 year low of $9.78 and a 1 year high of $40.92. The company has a debt-to-equity ratio of 7.91, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market capitalization of $668.76 million, a PE ratio of -3.63 and a beta of 1.39. The company’s 50 day simple moving average is $27.99 and its two-hundred day simple moving average is $23.14.

Forward Air (NASDAQ:FWRD) last posted its earnings results on Monday, August 11th. The transportation company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.24). Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%.The firm had revenue of $618.84 million during the quarter, compared to analysts’ expectations of $627.98 million. During the same quarter in the prior year, the company earned ($23.29) earnings per share. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. Analysts predict that Forward Air will post -0.72 earnings per share for the current fiscal year.

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.