What Do Hedge Funds Think of Forward Air Corporation (FWRD)?

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Because Forward Air Corporation (NASDAQ:FWRD) has experienced bearish sentiment from hedge fund managers, logic holds that there lies a certain “tier” of hedge funds that slashed their full holdings heading into Q4. Interestingly, Gregg Moskowitz’s Interval Partners dropped the biggest investment of the “upper crust” of funds tracked by Insider Monkey, worth close to $15.4 million in stock, and Ira Unschuld’s Brant Point Investment Management was right behind this move, as the fund said goodbye to about $7.6 million worth. These transactions are intriguing to say the least, as total hedge fund interest dropped by 3 funds heading into Q4.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Forward Air Corporation (NASDAQ:FWRD) but similarly valued. We will take a look at Progress Software Corporation (NASDAQ:PRGS), Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI), 3D Systems Corporation (NYSE:DDD), and WD-40 Company (NASDAQ:WDFC). This group of stocks’ market values are closest to FWRD’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PRGS 13 59102 -2
PLKI 12 148716 -3
DDD 12 93246 -5
WDFC 7 61943 1

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $91 million. That figure was $201 million in FWRD’s case. Progress Software Corporation (NASDAQ:PRGS) is the most popular stock in this table. On the other hand WD-40 Company (NASDAQ:WDFC) is the least popular one with only 7 bullish hedge fund positions. Forward Air Corporation (NASDAQ:FWRD) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PRGS might be a better candidate to consider a long position.

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