Forward Air Corporation (FWRD)’s Bullish Multiple Top Pattern Points to Lower Stock Risks

September 17, 2017 - By Dolores Ford

Investors sentiment decreased to 1 in 2016 Q4. Its down 0.65, from 1.65 in 2016Q3. It is negative, as 19 investors sold Forward Air Corporation shares while 56 reduced holdings. 16 funds opened positions while 59 raised stakes. 29.40 million shares or 0.81% less from 29.64 million shares in 2016Q3 were reported.
Parkside Bancorp And Tru reported 0% in Forward Air Corporation (NASDAQ:FWRD). Ancora Advisors Lc invested in 400 shares. Nationwide Fund Advsr holds 19,488 shares. State Street has 0% invested in Forward Air Corporation (NASDAQ:FWRD). Texas Permanent School Fund invested 0.01% in Forward Air Corporation (NASDAQ:FWRD). Blackrock Inv Mngmt Lc invested 0.01% in Forward Air Corporation (NASDAQ:FWRD). Envestnet Asset stated it has 0% in Forward Air Corporation (NASDAQ:FWRD). Ajo Limited Partnership holds 0% in Forward Air Corporation (NASDAQ:FWRD) or 12,102 shares. Legal & General Grp Public Limited invested 0% of its portfolio in Forward Air Corporation (NASDAQ:FWRD). Arrowpoint Asset Mgmt Lc holds 1.45% in Forward Air Corporation (NASDAQ:FWRD) or 1.94 million shares. Zurcher Kantonalbank (Zurich Cantonalbank) stated it has 827 shares. Proshare Advsrs Lc reported 5,462 shares. Price T Rowe Associate Md invested in 0% or 4,880 shares. Neuberger Berman Grp Ltd Limited Liability Company has 1.79 million shares for 0.11% of their portfolio. Cardinal Mngmt accumulated 18,863 shares.

Since April 26, 2017, it had 0 insider purchases, and 13 sales for $4.54 million activity. McLean Michael P had sold 3,333 shares worth $167,740 on Friday, May 12. 10,255 shares valued at $514,143 were sold by DRUM CRAIG A on Wednesday, April 26. 8,038 shares were sold by CAMPBELL BRUCE A, worth $419,584 on Tuesday, May 30. $524,738 worth of Forward Air Corporation (NASDAQ:FWRD) shares were sold by RUBLE CHRIS C. JEWELL MATTHEW J sold $641,802 worth of stock or 12,222 shares. $341,986 worth of stock was sold by Hance Michael L on Monday, May 8.

The stock of Forward Air Corporation (FWRD) shows a multiple tops pattern with $57.90 target or 8.00 % above today’s $53.61 share price. The 6 months chart pattern indicates low risk for the $1.62B company. It was reported on Sep, 17 by Finviz.com. If the $57.90 price target is reached, the company will be worth $129.60 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 1.38% or $0.73 on September 15, reaching $53.61. About 290,580 shares traded or 89.79% up from the average. Forward Air Corporation (NASDAQ:FWRD) has risen 16.39% since September 17, 2016 and is uptrending. It has underperformed by 0.31% the S&P500.

Analysts expect Forward Air Corporation (NASDAQ:FWRD) to report $0.58 EPS on October, 19.They anticipate $0.07 EPS change or 13.73 % from last quarter’s $0.51 EPS. FWRD’s profit would be $17.53 million giving it 23.11 P/E if the $0.58 EPS is correct. After having $0.64 EPS previously, Forward Air Corporation’s analysts see -9.38 % EPS growth.

Forward Air Corporation (NASDAQ:FWRD) Ratings Coverage

Among 6 analysts covering Forward Air (NASDAQ:FWRD), 1 have Buy rating, 0 Sell and 5 Hold. Therefore 17% are positive. Forward Air had 16 analyst reports since July 24, 2015 according to SRatingsIntel. As per Thursday, February 11, the company rating was maintained by Cowen & Co. The firm earned “Peer Perform” rating on Tuesday, August 1 by Wolfe Research. On Friday, October 23 the stock rating was maintained by Cowen & Co with “Market Perform”. The rating was maintained by Cowen & Co on Wednesday, August 9 with “Hold”. The firm earned “Sector Perform” rating on Thursday, February 11 by RBC Capital Markets. Robert W. Baird downgraded it to “Neutral” rating and $49 target in Friday, December 2 report. As per Tuesday, September 20, the company rating was maintained by Cowen & Co. The stock of Forward Air Corporation (NASDAQ:FWRD) earned “Market Perform” rating by Cowen & Co on Thursday, July 23. The stock of Forward Air Corporation (NASDAQ:FWRD) has “Outperform” rating given on Tuesday, May 24 by RBC Capital Markets. Robert W. Baird upgraded the shares of FWRD in report on Tuesday, November 17 to “Outperform” rating.

More notable recent Forward Air Corporation (NASDAQ:FWRD) news were published by: Nasdaq.com which released: “Ex-Dividend Reminder: Pitney Bowes, Forward Air and Huntington Ingalls Industries” on August 21, 2017, also Businesswire.com with their article: “Forward Air Corporation Announces Acquisition of Atlantic” published on April 10, 2017, Seekingalpha.com published: “Forward Air Shuffling Forward” on February 11, 2017. More interesting news about Forward Air Corporation (NASDAQ:FWRD) were released by: Reuters.com and their article: “BRIEF-Forward Air Corp to buy a privately held company” published on April 10, 2017 as well as Businesswire.com‘s news article titled: “Forward Air Corporation Announces Election of Three New Independent Directors …” with publication date: July 17, 2017.

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