Robert W. Baird Issues Pessimistic Forecast for Forward Air (NASDAQ:FWRD) Stock Price

Forward Air (NASDAQ:FWRD) had its price target cut by Robert W. Baird from $32.00 to $28.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

FWRD has been the subject of a number of other research reports. Stifel Nicolaus upped their price objective on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, January 23rd. Benchmark restated a “hold” rating on shares of Forward Air in a report on Tuesday, January 7th. Finally, StockNews.com upgraded shares of Forward Air to a “sell” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $37.00.

Forward Air Stock Down 10.7 %

Forward Air stock opened at $23.00 on Thursday. The firm has a market capitalization of $665.94 million, a price-to-earnings ratio of -0.97 and a beta of 1.03. The company’s 50 day simple moving average is $31.46 and its 200 day simple moving average is $33.38. The company has a debt-to-equity ratio of 5.07, a current ratio of 1.21 and a quick ratio of 1.21. Forward Air has a fifty-two week low of $11.21 and a fifty-two week high of $40.92.

Hedge Funds Weigh In On Forward Air

A number of large investors have recently modified their holdings of FWRD. JPMorgan Chase & Co. raised its holdings in Forward Air by 688.6% during the third quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock worth $11,573,000 after acquiring an additional 285,465 shares in the last quarter. Goldentree Asset Management LP acquired a new stake in shares of Forward Air in the 3rd quarter valued at approximately $14,270,000. Verition Fund Management LLC grew its stake in shares of Forward Air by 1,481.6% in the third quarter. Verition Fund Management LLC now owns 208,396 shares of the transportation company’s stock valued at $7,377,000 after buying an additional 195,220 shares in the last quarter. Weiss Asset Management LP increased its holdings in Forward Air by 73.0% during the third quarter. Weiss Asset Management LP now owns 78,803 shares of the transportation company’s stock worth $2,790,000 after buying an additional 33,261 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Forward Air during the fourth quarter worth $11,140,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.