Insider Selling: Forward Air (NASDAQ:FWRD) Major Shareholder Sells $2,619,600.00 in Stock

Forward Air Corporation (NASDAQ:FWRD) major shareholder Cetus Capital Vi, L.P. sold 120,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $21.83, for a total transaction of $2,619,600.00. Following the sale, the insider directly owned 3,193,709 shares in the company, valued at approximately $69,718,667.47. The trade was a 3.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Forward Air Price Performance

Shares of NASDAQ FWRD opened at $27.78 on Friday. Forward Air Corporation has a 1-year low of $9.78 and a 1-year high of $32.47. The company has a market cap of $868.13 million, a price-to-earnings ratio of -7.22 and a beta of 1.35. The company has a debt-to-equity ratio of 8.73, a current ratio of 1.20 and a quick ratio of 1.20. The stock’s 50-day moving average is $27.10 and its two-hundred day moving average is $25.73.

Analysts Set New Price Targets

FWRD has been the subject of several recent analyst reports. Susquehanna boosted their price objective on shares of Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Air in a report on Thursday, January 22nd. Stifel Nicolaus lifted their price objective on Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Forward Air in a research note on Thursday, November 6th. Finally, Zacks Research downgraded Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Forward Air has a consensus rating of “Hold” and an average price target of $35.00.

Hedge Funds Weigh In On Forward Air

Large investors have recently bought and sold shares of the stock. Amalgamated Bank boosted its stake in Forward Air by 8.5% in the 2nd quarter. Amalgamated Bank now owns 6,174 shares of the transportation company’s stock worth $152,000 after purchasing an additional 484 shares during the period. Nisa Investment Advisors LLC raised its stake in Forward Air by 26.9% during the 2nd 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Forward Air by 4.4% in 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 in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Forward Air by 12.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,725 shares of the transportation company’s stock worth $140,000 after buying an additional 629 shares during the period. Finally, AQR Capital Management LLC grew 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 buying an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Forward Air Company Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.