Point72 DIFC Ltd Invests $26,000 in Forward Air Co. (NASDAQ:FWRD)

Point72 DIFC Ltd bought a new stake in Forward Air Co. (NASDAQ:FWRD) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,386 shares of the transportation company’s stock, valued at approximately $26,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FWRD. Vanguard Group Inc. raised its stake in shares of Forward Air by 14.2% in the 1st quarter. Vanguard Group Inc. now owns 3,407,797 shares of the transportation company’s stock valued at $106,017,000 after buying an additional 424,924 shares in the last quarter. Ridgemont Partners Management LLC boosted its holdings in Forward Air by 172.7% during the second quarter. Ridgemont Partners Management LLC now owns 1,910,615 shares of the transportation company’s stock valued at $36,378,000 after purchasing an additional 1,210,006 shares in the last quarter. Private Management Group Inc. grew its stake in shares of Forward Air by 34.1% in the 2nd quarter. Private Management Group Inc. now owns 1,336,687 shares of the transportation company’s stock valued at $25,451,000 after purchasing an additional 339,982 shares during the period. MFN Partners Management LP acquired a new position in shares of Forward Air in the 2nd quarter worth approximately $17,208,000. Finally, Paralel Advisors LLC lifted its position in shares of Forward Air by 47.1% during the 2nd quarter. Paralel Advisors LLC now owns 750,000 shares of the transportation company’s stock worth $14,280,000 after buying an additional 240,000 shares during the period. 97.03% of the stock is owned by institutional investors.

Forward Air Price Performance

Forward Air stock opened at $35.43 on Monday. The business’s fifty day moving average is $30.18 and its two-hundred day moving average is $24.73. The company has a debt-to-equity ratio of 4.70, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market cap of $936.70 million, a P/E ratio of 10.36 and a beta of 1.02. Forward Air Co. has a 52 week low of $11.21 and a 52 week high of $79.51.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, August 7th. The transportation company reported ($23.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($23.11). Forward Air had a negative return on equity of 79.11% and a negative net margin of 30.77%. The company had revenue of $643.67 million for the quarter, compared to the consensus estimate of $642.92 million. During the same period in the prior year, the company earned $0.91 EPS. The firm’s revenue was up 92.9% compared to the same quarter last year. Equities research analysts forecast that Forward Air Co. will post -1.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Benchmark reiterated a “hold” rating on shares of Forward Air in a research note on Monday, August 12th. Robert W. Baird increased their target price on shares of Forward Air from $17.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $51.00.

Forward Air Company Profile

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.