Point72 Asia Singapore Pte. Ltd. Purchases New Shares in Forward Air Co. (NASDAQ:FWRD)

Point72 Asia Singapore Pte. Ltd. acquired a new position in Forward Air Co. (NASDAQ:FWRD) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 9,521 shares of the transportation company’s stock, valued at approximately $181,000.

Other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its position in shares of Forward Air by 413.5% during the first quarter. UMB Bank n.a. now owns 837 shares of the transportation company’s stock worth $26,000 after acquiring an additional 674 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in Forward Air during the 2nd quarter worth approximately $26,000. Gladius Capital Management LP increased its holdings in Forward Air by 33.5% during the 2nd 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. GAMMA Investing LLC raised its position in shares of Forward Air by 2,329.3% in the 2nd quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company’s stock valued at $38,000 after purchasing an additional 1,910 shares in the last quarter. Finally, Headlands Technologies LLC boosted 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. Institutional investors and hedge funds own 97.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FWRD shares. Benchmark reaffirmed a “hold” rating on shares of Forward Air in a report on Monday, August 12th. Robert W. Baird boosted 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 given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Forward Air currently has an average rating of “Hold” and a consensus target price of $51.00.

Forward Air Price Performance

Shares of NASDAQ FWRD opened at $35.47 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70. The company has a market capitalization of $937.76 million, a price-to-earnings ratio of 10.35 and a beta of 1.02. Forward Air Co. has a twelve month low of $11.21 and a twelve month high of $79.51. The business has a 50 day simple moving average of $30.57 and a 200-day simple moving average of $24.83.

Forward Air (NASDAQ:FWRD) last released 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 net margin of 30.77% and a negative return on equity of 79.11%. The business had revenue of $643.67 million for the quarter, compared to the consensus estimate of $642.92 million. During the same quarter in the previous year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 92.9% on a year-over-year basis. As a group, equities research analysts expect that Forward Air Co. will post -1.01 earnings per share for the current year.

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.