Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Forward Air Corp (FWRD)

184 + Investors. Track Smart Money conviction in FWRD. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -5
Streak
3Q ▼
Buyers last Q
53%

Smart Money Signals — FWRD

Based on 187 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, more hedge funds reduced or closed their FWRD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 72% of 3.0Y peak

72% of all-time peak
187 funds currently hold this stock — 72% of the 3.0-year high of 260 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding FWRD is almost the same as a year ago (+4 funds, +2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡

Slight buying edge — 53% buying

123 buying108 selling
Last quarter: 123 funds bought or added vs 108 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
📈

More new buyers each quarter (+24 vs last Q)

new funds entering per quarter
Funds opening a new FWRD position: 39 → 31 → 29 → 53. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

59% of holders stayed for 2+ years

■ 59% conviction (2yr+) ■ 19% medium ■ 21% new
111 out of 187 hedge funds have held FWRD for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +3%, value -16%

Value
-15%
Shares
+3%
Last quarter: funds added +3% more shares while total portfolio value only changed -16%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

39 → 39 → 31 → 29 → 53 new funds/Q
New funds entering each quarter: 39 → 31 → 29 → 53. A growing number of institutions are discovering FWRD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 68% veterans vs 20% newcomers

■ 68% veterans ■ 11% 1-2yr ■ 20% new
Entry-cohort mix of 203 holders: 139 (68%) are 2+ year veterans, 23 entered 1–2 years ago, and 41 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 42% AUM from top-100 funds

42% from top-100 AUM funds
39 of 184 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in FWRD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
2.1
out of 10
Low Exit Risk
Exit risk score 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — FWRD

In 2026 Q2, 123 hedge funds were net buyers of FWRD (53 opened a new position, 70 added to an existing one), while 108 reduced or exited (50 trimmed, 58 sold completely) — a 53% buyer ratio, indicating a slight buying edge. This extends a 3-quarter selling streak, suggesting sustained institutional caution. 42% of total institutional value in FWRD is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -5 funds (more exits than new entries). Total institutional holders: 187.

Hedge Fund Ownership: FWRD

How many hedge funds hold FWRD — quarterly history vs. share price
Quarterly hedge fund ownership of FWRD vs. share price

Market Analysis: FWRD

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FWRD

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

10 top-rated funds 0 high-conviction
Consensus
4.5
/ 10
breadth
×
Elite
0.8
/ 10
conviction
Hedge Fund Positioning: FWRD
184 + Investors

Track Smart Money conviction in FWRD. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 184 192 -4.17%
13F Shares 32M 31M 3.22%
Total Value $433M $514M -15.81%
New Positions 53 29 +24
Increased Positions 65 70 -5
Closed Positions 58 38 +20
Reduced Positions 48 53 -5
Total Calls 12 11 9.09%
Total Puts 6 6 -
PUT/CALL Ratio 0.5 0.55 Bullish

Statistics: FWRD

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Institutional Holders (2026 Q2)

184 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in FWRD. Verified SEC 13F-HR filings.

QUARTER:
Top 25 FWRD holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Clearlake Capital Group, L.P. 9.78% 3,825,000 $51.7M
2 AlpInvest Partners B.V. 2.33% 103,330 $1.4M
3 Mill Road Capital Management LLC 1.95% 292,250 $3.9M
4 Rangeley Capital, LLC 0.68% 55,000 $743K
5 Marble Bar Asset Management LLP 0.44% 46,719 $631K
6 Private Management Group Inc 0.41% 1,145,760 $15.5M
7 Diameter Capital Partners LP 0.38% 350,000 $4.7M
8 Monarch Alternative Capital LP 0.36% 189,000 $2.6M
9 Bracebridge Capital, LLC 0.34% 1,404,913 $19.0M
10 Integrity Financial Corp /WA 0.30% 46,008 $622K
11 Diametric Capital, LP 0.27% 189,478 $2.6M
12 Rangeley Capital, LLC 0.25% 20,100 $272K
13 Timucuan Asset Management Inc/Fl 0.20% 398,551 $5.4M
14 Landscape Capital Management, L.L.C. 0.19% 221,124 $3.0M
15 Scientech Research LLC 0.16% 14,929 $202K
16 Prescott Group Capital Management, L.L.C. 0.14% 123,897 $1.7M
17 Cornerstone Wealth, LLC/TN 0.14% 22,394 $283K
18 PDT Partners, LLC 0.10% 146,107 $2.0M
19 Shay Capital LLC 0.05% 60,000 $811K
20 Quantbot Technologies LP 0.05% 95,873 $1.3M
21 Fox Run Management, L.L.C. 0.05% 22,593 $305K
22 Counterpoint Mutual Funds LLC 0.04% 33,550 $453K
23 Persistent Asset Partners Ltd 0.04% 10,977 $148K
24 Aquatic Capital Management LLC 0.04% 84,225 $1.1M
25 New Age Alpha Advisors, LLC 0.04% 63,100 $852K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Forward Air Corp (FWRD)

What does the Smart Money Trend signal show for FWRD?

Selling streak — 3 quarters in a row: For 3 consecutive quarters, more hedge funds reduced or closed their FWRD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for FWRD?

Slight buying edge — 53% buying: Last quarter: 123 funds bought or added vs 108 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for FWRD holders?

Elite ownership — 42% AUM from top-100 funds: 39 of 184 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in FWRD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held FWRD?

59% of holders stayed for 2+ years: 111 out of 187 hedge funds have held FWRD for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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