Forward Air (NASDAQ:FWRD) Shares Down 8.4% Following Weak Earnings

Forward Air Corporation (NASDAQ:FWRD) shares were down 8.4% during mid-day trading on Monday following a dissappointing earnings announcement. The stock traded as low as $26.60 and last traded at $25.4770. Approximately 36,746 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 538,565 shares. The stock had previously closed at $27.82.

The transportation company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The company had revenue of $631.23 million for the quarter, compared to analyst estimates of $629.60 million. Forward Air had a negative return on equity of 40.10% and a negative net margin of 4.32%.Forward Air’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.23) earnings per share.

Wall Street Analyst Weigh In

FWRD has been the topic of several research reports. Zacks Research downgraded shares of Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research 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 report on Thursday, November 6th. Finally, Susquehanna restated a “positive” rating and set a $42.00 target price on shares of Forward Air in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $34.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in shares of Forward Air by 20.8% in the 4th quarter. Invesco Ltd. now owns 268,960 shares of the transportation company’s stock worth $6,724,000 after acquiring an additional 46,240 shares during the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in shares of Forward Air in the 4th quarter worth approximately $36,000. SummitTX Capital L.P. purchased a new stake in shares of Forward Air during the 4th quarter valued at $4,030,000. One68 Global Capital LLC bought a new stake in Forward Air in the fourth quarter worth about $225,000. Finally, Inspire Investing LLC lifted its stake in Forward Air by 6.0% in the fourth quarter. Inspire Investing LLC now owns 18,636 shares of the transportation company’s stock valued at $466,000 after purchasing an additional 1,055 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Forward Air Price Performance

The company has a market cap of $785.94 million, a P/E ratio of -7.14 and a beta of 1.35. The company has a debt-to-equity ratio of 8.73, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a 50 day moving average price of $27.15 and a two-hundred day moving average price of $25.61.

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.