Forward Air (NASDAQ:FWRD) Stock Price Down 3.1% - What's Next?

Shares of Forward Air Co. (NASDAQ:FWRD) experienced a decline of 3.1% on Friday, with a trading low of $29.63 and a close at $29.91. During the day's trading, 335,301 shares changed hands, marking a substantial decrease of 65% from the average session volume of 953,213 shares. The previous close was recorded at $30.87.

Wall Street Analyst Perspectives

Equities analysts have recently shared their insights on Forward Air's stock. On October 18th, Jefferies Financial Group set a price target of $47.00 and assigned a "buy" rating to the stock. On October 21st, Stifel Nicolaus adjusted their price target from $31.00 to $36.00 while maintaining a "hold" rating. Additionally, on November 6th, StockNews.com downgraded Forward Air to a "sell" rating. In total, one analyst rates the stock as a sell, four as hold, and one as buy. As per MarketBeat.com, the average rating of the stock stands at "Hold" with a consensus price target of $39.25.

Analyzing Forward Air's Price Performance

Forward Air has a market capitalization of $857.33 million with a PE ratio of -1.24 and a beta of 1.02. The stock's fifty-day moving average price is $35.53, while the 200-day moving average price is $30.04. The company shows a current ratio of 1.21, a quick ratio of 1.21, and a notably high debt-to-equity ratio of 5.07.

Institutional Activity Impacting Forward Air

Recently, several institutional investors have adjusted their positions in Forward Air. Clearlake Capital Group L.P. boosted its stake by 255.2% during the second quarter, acquiring an additional 2,747,994 shares to reach a total of 3,825,000 shares, valued at $72,828,000. MFN Partners Management LP also bought a new stake valued around $17,208,000 during the same period. Furthermore, Federated Hermes Inc. increased its position by an astounding 712.5%, adding 597,120 shares and reaching a total of 680,929 shares worth $12,965,000. Goldentree Asset Management LP made a new investment during the third quarter, valued at approximately $14,270,000. Point72 Asset Management L.P. dramatically raised its holdings by 11,740.6% in the second quarter, acquiring an additional 375,700 shares, totalling 372,500 shares worth $7,092,000. Currently, 97.03% of Forward Air's stock is held by institutional investors and hedge funds.

Company Overview of Forward Air

Forward Air Corporation operates as an asset-light freight and logistics company within the United States and Canada. The company operates through two segments: Expedited Freight and Intermodal. The Expedited Freight segment offers expedited regional, inter-regional, and national less-than-truckload services while also providing local pick-up and delivery services, along with other specialized offerings such as shipment consolidation, custom brokerage, and warehousing.

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