Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Forward Air Corp (FWRD)

189 + 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
↓ -10
Streak
2Q ▼
Buyers last Q
53%

Smart Money Signals — FWRD

Based on 191 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 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 — 74% of 3.0Y peak

74% of all-time peak
191 funds currently hold this stock — 74% of the 3.0-year high of 259 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 (-6 funds, -3% change). No significant rush to buy or sell — institutional backing is holding steady.
🟡

Slight buying edge — 53% buying

104 buying94 selling
Last quarter: 104 funds bought or added vs 94 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.
➡️

Steady new buyers — ~29 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 39 → 39 → 31 → 29. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

62% of holders stayed for 2+ years

■ 62% conviction (2yr+) ■ 20% medium ■ 18% new
119 out of 191 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 -99%

Value
-99%
Shares
-3%
Last quarter: funds added -3% more shares while total portfolio value only changed -99%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊

Peak discovery — momentum slowing

26 → 39 → 39 → 31 → 29 new funds/Q
New funds entering each quarter: 39 → 39 → 31 → 29. FWRD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 68% veterans vs 18% newcomers

■ 68% veterans ■ 14% 1-2yr ■ 18% new
Entry-cohort mix of 206 holders: 140 (68%) are 2+ year veterans, 28 entered 1–2 years ago, and 38 (18%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 29% AUM from major funds

29% from top-100 AUM funds
37 of 189 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
2.2
out of 10
Low Exit Risk
Exit risk score 2.2/10 — 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 Q1, 104 hedge funds were net buyers of FWRD (29 opened a new position, 75 added to an existing one), while 94 reduced or exited (55 trimmed, 39 sold completely) — a 53% buyer ratio, indicating a slight buying edge. Net selling has persisted for two consecutive quarters. 29% of total institutional value in FWRD is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -10 funds (more exits than new entries). Total institutional holders: 191.

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.

Is It Too Late to Buy Forward Air Corp (FWRD) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much FWRD has moved relative to its sector benchmark (XLI) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 87d ago
FWRD
-11.0%
XLI
+11.8%

FWRD outperformed XLI by -22.8% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 42d ago
FWRD
+69.7%
XLI
+5.5%

Since the filing became public, FWRD outperformed XLI by +64.2% .

Interpretation: The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

19 top-rated funds 0 high-conviction
Consensus
5.6
/ 10
breadth
×
Elite
1.1
/ 10
conviction
Hedge Fund Positioning: FWRD
189 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 189 201 -5.97%
13F Shares 31M 32M -3.32%
Total Value $514M $61.40B -99.16%
New Positions 27 31 -4
Increased Positions 70 78 -8
Closed Positions 39 34 +5
Reduced Positions 52 62 -10
Total Calls 11 11 -
Total Puts 6 7 -14.29%
PUT/CALL Ratio 0.55 0.64 Bullish

Statistics: FWRD

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

189 + 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 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Littlejohn & Co LLC 11.60% 733,261 $12.3M
2 Clearlake Capital Group, L.P. 9.39% 3,825,000 $63.9M
3 AlpInvest Partners B.V. 3.47% 103,330 $1.7M
4 Mill Road Capital Management LLC 1.99% 226,750 $3.8M
5 Melqart Asset Management (UK) Ltd 1.45% 877,744 $14.7M
6 Rangeley Capital, LLC 1.38% 85,000 $1.4M
7 Irenic Capital Management LP 1.34% 1,229,819 $20.6M
8 Paralel Advisors LLC 0.68% 975,000 $16.3M
9 Diametric Capital, LP 0.61% 140,297 $2.3M
10 Private Management Group Inc 0.56% 1,155,405 $19.3M
11 Shay Capital LLC 0.37% 266,375 $4.5M
12 Rangeley Capital, LLC 0.33% 20,100 $336K
13 Integrity Financial Corp /WA 0.28% 33,267 $556K
14 Cornerstone Wealth, LLC/TN 0.24% 19,092 $428K
15 Bluefin Capital Management, LLC 0.22% 106,200 $871K
16 PDT Partners, LLC 0.19% 189,125 $3.2M
17 Shay Capital LLC 0.14% 100,000 $1.7M
18 Counterpoint Mutual Funds LLC 0.08% 33,550 $561K
19 Axq Capital, LP 0.08% 38,397 $642K
20 ADAR1 Capital Management, LLC 0.08% 78,241 $1.3M
21 Prescott Group Capital Management, L.L.C. 0.07% 43,897 $734K
22 Rothschild Investment LLC 0.06% 70,019 $1.2M
23 Royce & Associates LP 0.06% 347,998 $5.8M
24 EntryPoint Capital, LLC 0.05% 10,379 $173K
25 Prelude Capital Management, LLC 0.05% 35,515 $593K
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 — 2 quarters in a row: For 2 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: 104 funds bought or added vs 94 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?

Strong quality — 29% AUM from major funds: 37 of 189 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held FWRD?

62% of holders stayed for 2+ years: 119 out of 191 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.

Is it too late to buy Forward Air Corp (FWRD) following the 2026 Q1 hedge fund 13F filings?

As of today, FWRD has moved +69.7% since the 2026 Q1 13F filing date (May 15, 2026), compared to +5.5% for the XLI sector ETF — an outperformance of +64.2%. Since the quarter end (March 31, 2026), FWRD has gained -11.0% vs +11.8% for XLI. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

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.

Full history →