Vault-13

FORWARD AIR CORP FWRD

COM · Common Stock · CUSIP 349853101

4 institutional holders -191 vs Q1 2025
8,4878.5k shares reported held*
$212.5kreported value*
1 new 0 added 2 reduced 190 sold out net sold ≈ $667.6m (-33.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $25.04.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 247Q4 22: 276Q1 23: 260Q2 23: 246Q3 23: 254Q4 23: 266Q1 24: 228Q2 24: 194Q3 24: 210Q4 24: 212Q1 25: 195Q2 25: 44Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022247
Q4 2022276
Q1 2023260
Q2 2023246
Q3 2023254
Q4 2023266
Q1 2024228
Q2 2024194
Q3 2024210
Q4 2024212
Q1 2025195
Q2 20254

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 136 bought or addedQ3 23: 141 cut or sold outQ4 23: 134 bought or addedQ4 23: 124 cut or sold outQ4 23Q1 24: 143 bought or addedQ1 24: 145 cut or sold outQ2 24: 114 bought or addedQ2 24: 134 cut or sold outQ2 24Q3 24: 91 bought or addedQ3 24: 116 cut or sold outQ4 24: 97 bought or addedQ4 24: 98 cut or sold outQ4 24Q1 25: 78 bought or addedQ1 25: 111 cut or sold outQ2 25: 1 bought or addedQ2 25: 192 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023136141
Q4 2023134124
Q1 2024143145
Q2 2024114134
Q3 202491116
Q4 20249798
Q1 202578111
Q2 20251192

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$25m$50m$75m$100mQ3 24 calls: $73.3mQ3 24 puts: $92.0mQ3 24P/C 1.25Q4 24 calls: $22.4mQ4 24 puts: $26.5mQ4 24P/C 1.18Q1 25 calls: $21.4mQ1 25 puts: $31.8mQ1 25P/C 1.49Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$73.3m$92.0m1.25
Q4 2024$22.4m$26.5m1.18
Q1 2025$21.4m$31.8m1.49
Q2 2025$0$0—

Biggest buyers

Gotham Asset Management, LLC New +8,483+8.5k

Biggest sellers

CLEARLAKE CAPITAL GROUP, L.P. Sold out -3,825,000-3.8m
BlackRock, Inc. Sold out -3,362,254-3.4m
LITTLEJOHN & CO LLC Sold out -2,814,401-2.8m
VANGUARD GROUP INC Sold out -2,050,268-2.1m
Ridgemont Partners Management, LLC Sold out -1,910,615-1.9m
Ancora Advisors LLC Sold out -1,230,390-1.2m
Irenic Capital Management LP Sold out -1,229,719-1.2m
Paralel Advisors LLC Sold out -975,000-975.0k
STATE STREET CORP Sold out -965,844-965.8k
PRIVATE MANAGEMENT GROUP INC Sold out -962,626-962.6k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
CLEARLAKE CAPITAL GROUP, L.P. 13D · may seek influence filed 2025-07-03
Stated purposeItem 4 of the Initial Statement is hereby amended and restated as follows: In connection with the publicly announced review of strategic alternatives by the Board of Directors of the Issuer (the "Board"), the Reporting Persons anticipate, subject to further due diligence and applicable internal approvals, to submit one or more non-binding proposals (any such proposal, a "Proposal") to the Board offering to acquire all of the outstanding shares of Common Stock that the Reporting Persons do not already own for cash consideration, on terms and conditions to be set forth in any such proposal (any such transaction, a "Proposed Transaction"). The Reporting Persons previously entered into a standard confidentiality agreement with the Issuer in connection with the review of strategic alternatives… Full filing
 12.6% 3.8m 2025-07-03
BlackRock, Inc. 13G · institution filed 2025-04-30 10.9% 3.3m 2025-04-30

Fell to 5% or below in the last year: Cetus Capital VI, L.P. (0.8%, 2026-05-12), VANGUARD GROUP INC (0.0%, 2026-03-26)

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
20020Q3 23: 13 buyingQ3 23: 0 sellingQ4 23: 0 buyingQ4 23: 0 sellingQ4 23Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 202313$2.3m0——
Q4 20230—0——
Q1 20240—0——
Q2 20240—0——
Q3 20240—0——
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Gotham Asset Management, LLC 0.00% of their portfolio NEW YORK, NY 8,4838.5k $208.2k $208.2k 0.00% New
2 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 33 $60 $60 0.00% Reduced -4.7k -4,700
3 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 11 $20 $20 0.00% Reduced -18 -18
4 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 00 $4.3k $4.3k 0.00% Unchanged