Forward Air (NASDAQ:FWRD) Shares Gap Up – Here’s What Happened

Forward Air Co. (NASDAQ:FWRD)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $20.21, but opened at $21.86. Forward Air shares last traded at $21.94, with a volume of 85,290 shares.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Stifel Nicolaus cut their target price on shares of Forward Air from $29.00 to $22.00 and set a “hold” rating on the stock in a research report on Thursday, April 10th. Susquehanna reduced their price objective on shares of Forward Air from $35.00 to $32.00 and set a “positive” rating for the company in a research note on Monday, March 31st. Finally, Robert W. Baird dropped their target price on Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.25.

Forward Air Price Performance

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07. The company has a market capitalization of $694.56 million, a price-to-earnings ratio of -0.96 and a beta of 1.29. The stock’s 50-day simple moving average is $16.70 and its two-hundred day simple moving average is $24.15.

Hedge Funds Weigh In On Forward Air

Hedge funds have recently made changes to their positions in the company. Littlejohn & Co. LLC lifted its holdings in shares of Forward Air by 70.1% during the first quarter. Littlejohn & Co. LLC now owns 2,814,401 shares of the transportation company’s stock worth $56,541,000 after purchasing an additional 1,159,747 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Forward Air by 742.9% in the 4th quarter. Point72 Asset Management L.P. now owns 463,600 shares of the transportation company’s stock worth $14,951,000 after acquiring an additional 408,600 shares during the period. Royal Bank of Canada boosted its holdings in shares of Forward Air by 1,179.7% in the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock valued at $6,451,000 after acquiring an additional 296,001 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Forward Air in the fourth quarter valued at about $9,198,000. Finally, Ancora Advisors LLC increased its stake in shares of Forward Air by 28.9% during the first quarter. Ancora Advisors LLC now owns 1,230,390 shares of the transportation company’s stock worth $24,719,000 after acquiring an additional 275,500 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.