Zacks Research Downgrades Forward Air (NASDAQ:FWRD) to Hold

Forward Air (NASDAQ:FWRD) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday, Zacks reports.

A number of other brokerages have also issued reports on FWRD. Weiss Ratings lowered shares of Forward Air from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 21st. Susquehanna boosted their target price on shares of Forward Air from $18.00 to $29.00 and gave the stock a “positive” rating in a report on Thursday, August 13th. Wall Street Zen upgraded shares of Forward Air from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Stifel Nicolaus raised their price target on shares of Forward Air from $19.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Forward Air presently has an average rating of “Hold” and an average target price of $28.00.

Forward Air Stock Performance

Shares of FWRD stock opened at $17.89 on Thursday. The business’s 50-day moving average price is $15.80 and its 200-day moving average price is $16.52. Forward Air has a 12 month low of $7.86 and a 12 month high of $31.30. The firm has a market capitalization of $565.68 million, a price-to-earnings ratio of -2.01 and a beta of 1.38. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98.

Hedge Funds Weigh In On Forward Air

Hedge funds have recently made changes to their positions in the stock. Garton & Associates Financial Advisors LLC acquired a new position in shares of Forward Air in the fourth quarter worth approximately $36,000. Allied Private Wealth LLC acquired a new stake in Forward Air during the 2nd quarter valued at approximately $57,000. Tower Research Capital LLC TRC increased its position in Forward Air by 207.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company’s stock valued at $64,000 after purchasing an additional 1,753 shares during the period. Kestra Advisory Services LLC bought a new position in Forward Air during the 4th quarter worth approximately $74,000. Finally, Fifth Third Bancorp raised its holdings in Forward Air by 2,397.7% during the 1st quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company’s stock worth $92,000 after purchasing an additional 5,275 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

About Forward Air

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.