Wolfe Research analysts downgrades an Underperform rating for Forward Air Corp. (FWRD)

Forward Air Corp.’s recent filing unveils that its Chief Operating Officer RUBLE CHRIS C acquired Company’s shares for reported $99992.0 on Aug 25. In the deal valued at $69.77 per share,1,433 shares were bought. As a result of this transaction, RUBLE CHRIS C now holds 28,276 shares worth roughly $1.21 million.

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Then, MITCHIN KYLE R bought 1,093 shares, generating $75,013 in total proceeds. Upon buying the shares at $68.63, the Chief People Officer now owns 18,896 shares.

Before that, Ronning Nancee L bought 315 shares. Forward Air Corp. shares valued at $20,365 were divested by the Chief Commercial Officer at a price of $64.65 per share. As a result of the transaction, Ronning Nancee L now holds 3,045 shares, worth roughly $0.13 million.

Wolfe Research downgraded its Forward Air Corp. [FWRD] rating to an Underperform from a a Peer perform in a research note published on Monday.

Price Performance Review of FWRD

On Monday, Forward Air Corp. [NASDAQ:FWRD] saw its stock jump 3.31% to $42.80. Over the last five days, the stock has gained 1.40%. Forward Air Corp. shares have fallen nearly -31.92% since the year began. Nevertheless, the stocks have fallen -56.24% over the past one year. While a 52-week high of $121.38 was reached on 01/08/24, a 52-week low of $41.35 was recorded on 02/09/24. SMA at 50 days reached $56.74, while 200 days put it at $78.94. A total of 0.7 million shares were traded, compared to the trading of 0.56 million shares in the previous session.

Levels Of Support And Resistance For FWRD Stock

The 24-hour chart illustrates a support level at 41.79, which if violated will result in even more drops to 40.78. On the upside, there is a resistance level at 43.48. A further resistance level may holdings at 44.16. The Relative Strength Index (RSI) on the 14-day chart is 28.92, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -2.20, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 84.20%. Stochastics %K at 6.66% indicates the stock is a buying.

How much short interest is there in Forward Air Corp.?

A steep rise in short interest was recorded in Forward Air Corp. stocks on Jan 31, 2024, growing by 0.8 million shares to a total of 1.71 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2023 was 0.91 million shares. There was a rise of 46.77%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.35% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.33.

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