On March 2, 2024, analyst Benjamin Hartford from Baird maintained a Neutral rating on Forward Air (NASDAQ:FWRD) but lowered the price target to $40 from $50. This adjustment is in line with previous actions, as seen in the stock analysis where the price target was reduced from $130 to $80 on August 15, 2023.
Forward Air’s stock has a range of price targets, with the lowest at $50.00 and the highest at $85.00. It’s worth noting that analyst price targets are not set in stone and may differ from actual market performance.
Forward Air Corporation (FWRD) Stock Price Plummets 13.71% on March 2, 2024, Shows Signs of Recovery in After-Hours Trading
On March 2, 2024, Forward Air Corporation (FWRD) experienced a significant drop in its stock price, closing at $32.04. This marked a decrease of $5.09 or 13.71% since the previous market close. Despite the steep decline during regular trading hours, FWRD showed a slight recovery in after-hours trading, rising by $0.26. This uptick may suggest that some investors see potential for the stock to bounce back in the near future.
FWRD Stock Sees Decrease in Total Revenue, Net Income, and EPS on March 2, 2024
On March 2, 2024, investors in FWRD stock may have been disappointed to see a decrease in total revenue compared to the previous year and quarter. According to data from CNN Money, the total revenue for FWRD was $1.37 billion over the past year, which represents a decrease of 30.54% compared to the previous year. In the fourth quarter alone, total revenue was $338.43 million, which is an 18.14% decrease from the previous quarter.
Similarly, the net income for FWRD also saw a decline over the past year. The net income for the year was $167.35 million, which is a decrease of 12.89% compared to the previous year. In the fourth quarter, however, the net income was reported as -$14.72 million, which is a concerning figure for investors. Despite this, there was a slight improvement from the previous quarter, with net income holding steady at 0.0% increase.
Earnings per share (EPS) for FWRD also saw a decrease compared to the previous year. The EPS for the year was reported as $6.40, which is a 10.3% decrease from the previous year. In the fourth quarter, the EPS was $3.93, which remained flat compared to the previous quarter.
Overall, the stock performance of FWRD on March 2, 2024, may have been impacted by the decrease in total revenue, net income, and EPS compared to the previous year. Investors may want to closely monitor the company’s financial performance in the coming quarters to assess whether these trends continue or if there are signs of improvement.
