Luxor Capital Group LP Buys New Holdings in Forward Air Co. (NASDAQ:FWRD)

Luxor Capital Group LP purchased a new position in shares of Forward Air Co. (NASDAQ:FWRD) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 73,224 shares of the transportation company’s stock, valued at approximately $1,394,000. Forward Air comprises about 0.1% of Luxor Capital Group LP’s holdings, making the stock its 21st biggest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. Gladius Capital Management LP raised its holdings in shares of Forward Air by 33.5% during the second quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock worth $37,000 after purchasing an additional 493 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Forward Air by 3.9% in the second quarter. Louisiana State Employees Retirement System now owns 15,900 shares of the transportation company’s stock valued at $303,000 after purchasing an additional 600 shares during the last quarter. UMB Bank n.a. grew its position in Forward Air by 413.5% during the 1st quarter. UMB Bank n.a. now owns 837 shares of the transportation company’s stock worth $26,000 after purchasing an additional 674 shares during the period. Headlands Technologies LLC raised its stake in shares of Forward Air by 98.5% during the 1st quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock valued at $51,000 after buying an additional 811 shares during the last quarter. Finally, EntryPoint Capital LLC lifted its holdings in shares of Forward Air by 36.2% in the 1st quarter. EntryPoint Capital LLC now owns 3,220 shares of the transportation company’s stock valued at $100,000 after buying an additional 856 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Forward Air Stock Performance

NASDAQ FWRD opened at $35.52 on Friday. The stock has a market capitalization of $983.90 million, a price-to-earnings ratio of 10.39 and a beta of 1.02. The stock has a 50-day moving average of $29.98 and a 200 day moving average of $24.76. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70. Forward Air Co. has a twelve month low of $11.21 and a twelve month high of $79.51.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Wednesday, August 7th. The transportation company reported ($23.29) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $643.67 million for the quarter, compared to analyst estimates of $642.92 million. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s quarterly revenue was up 92.9% compared to the same quarter last year. Sell-side analysts anticipate that Forward Air Co. will post -1.01 EPS for the current fiscal year.

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.