Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Forward Air Corp. shares valued at $99,992 were purchased by RUBLE CHRIS C on Aug 25 ’23. At $69.77 per share, RUBLE CHRIS C acquired 1,433 shares. The insider’s holdings grew to 28,276 shares worth approximately $0.78 million following the completion of this transaction.
Also, MITCHIN KYLE R purchased 1,093 shares, netting a total of over 75,013 in proceeds. Following the buying of shares at $68.63 each, the insider now holds 18,896 shares.
Before that, Ronning Nancee L had added 315 shares to its account. In a trade valued at $20,365, the Chief Commercial Officer bought Forward Air Corp. shares for $64.65 each. Upon closing the transaction, the insider’s holdings increased to 315 shares, worth approximately $83615.7.
As published in a research note from Wolfe Research on January 10, 2024, Forward Air Corp. [FWRD] has been rated down from a Peer perform to an Underperform. Analysts at Jefferies upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in late August. As of August 28, 2023, Wolfe Research has increased its “an Underperform” rating to a “Peer perform” for FWRD. Earlier on August 15, 2023, Robert W. Baird downgraded its rating. Their new recommendation was “a Neutral” for FWRD stock which previously was a “an Outperform”.
Analyzing FWRD Stock Performance
During the last five days, there has been a drop of approximately -5.80%. Over the course of the year, Forward Air Corp. shares have dropped approximately -56.32%. Shares of the company reached a 52-week high of $64.33 on 01/08/24 and a 52-week low of $26.35 on 03/18/24. A 50-day SMA is recorded $36.47, while a 200-day SMA reached $67.30. Nevertheless, trading volume fell to 0.77 million shares from 1.0 million shares the previous day.
Support And Resistance Levels for Forward Air Corp. (FWRD)
According to the 24-hour chart, there is a support level at 27.08, which, if violated, would cause prices to drop to 26.70. In the upper region, resistance lies at 28.00. The next price resistance is at 28.54. RSI (Relative Strength Index) is 32.67 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.50, which suggests the price will decrease in the coming days. Percent R is at 78.86%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Forward Air Corp. subject to short interest?
Stocks of Forward Air Corp. saw a sharp rise in short interest on Mar 15, 2024 jumping by 1.35 million shares to 3.34 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 1.99 million shares. A jump of 40.42% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.57 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.57.
