Forward Air (NASDAQ:FWRD) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s Why

Forward Air Corporation (NASDAQ:FWRD) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $17.54 and traded as low as $16.76. Forward Air shares last traded at $16.93, with a volume of 480,509 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Weiss Ratings upgraded Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, September 8th. Stifel Nicolaus set a $27.00 price objective on Forward Air in a report on Thursday, October 29th. Zacks Research upgraded Forward Air from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 29th. Wall Street Zen upgraded Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Susquehanna dropped their target price on Forward Air from $29.00 to $25.00 and set a “positive” rating on the stock in a report on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Forward Air Trading Down 1.7%

The stock has a market cap of $526.16 million, a PE ratio of -1.87 and a beta of 1.31. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32. The company has a 50 day moving average of $16.05 and a two-hundred day moving average of $17.48.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. increased its holdings in Forward Air by 304.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 37,884 shares of the transportation company’s stock worth $578,000 after acquiring an additional 28,517 shares in the last quarter. Private Management Group Inc. raised its position in Forward Air by 3.4% during the third quarter. Private Management Group Inc. now owns 1,184,883 shares of the transportation company’s stock worth $18,069,000 after acquiring an additional 39,123 shares during the period. Prescott Group Capital Management L.L.C. raised its position in Forward Air by 138.7% during the third quarter. Prescott Group Capital Management L.L.C. now owns 295,726 shares of the transportation company’s stock worth $4,510,000 after acquiring an additional 171,829 shares during the period. WINTON GROUP Ltd purchased a new position in Forward Air during the second quarter valued at $406,000. Finally, Engineers Gate Manager LP lifted its holdings in Forward Air by 68.8% during the second quarter. Engineers Gate Manager LP now owns 76,646 shares of the transportation company’s stock valued at $1,035,000 after purchasing an additional 31,241 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

About Forward Air

Forward Air Corporation (NASDAQ: FWRD) is a transportation and logistics company that provides time-definite freight and supply chain services. Its offerings include expedited less-than-truckload transportation, truckload services, intermodal and drayage operations, final-mile delivery, and other logistics solutions designed for shipments requiring reliable transit times.

The company serves businesses across North America and supports domestic and international supply chains through a network of terminals, transportation partners, and logistics facilities.