FORWARD AIR CORP FWRD
COM · Common Stock · CUSIP 34986A104
- SectorIndustrials
- IndustryArrangement of Transportation of Freight & Cargo
- HeadquartersDallas, TX
- FilingsSEC EDGAR
* 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 ($1.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $13.52. Options: 16 managers hold calls ($27.4m notional), 8 hold puts ($2.2m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q1 2025 | 1 |
| Q2 2025 | 181 |
| Q3 2025 | 202 |
| Q4 2025 | 201 |
| Q1 2026 | 191 |
| Q2 2026 | 186 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2025 | 180 | 0 |
| Q3 2025 | 111 | 74 |
| Q4 2025 | 101 | 94 |
| Q1 2026 | 92 | 87 |
| Q2 2026 | 111 | 96 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $47.3m | $14.3m | 0.30 |
| Q4 2025 | $69.6m | $9.8m | 0.14 |
| Q1 2026 | $29.4m | $5.1m | 0.17 |
| Q2 2026 | $27.4m | $2.2m | 0.08 |
Biggest buyers
| Bracebridge Capital, LLC | New | +1.4m |
| D. E. Shaw & Co., Inc. | New | +1.0m |
| FMR LLC | Added | +921.6k |
| BARCLAYS PLC | Added | +691.1k |
| Qube Research & Technologies Ltd | New | +565.0k |
| TIMUCUAN ASSET MANAGEMENT INC/FL | New | +398.6k |
| HRT FINANCIAL LP | Added | +378.8k |
| DEUTSCHE BANK AG\ | Added | +354.5k |
| Diameter Capital Partners LP | New | +350.0k |
| CIBC WORLD MARKET INC. | Added | +337.9k |
Biggest sellers
| Irenic Capital Management LP | Sold out | -1.2m |
| Paralel Advisors LLC | Sold out | -975.0k |
| BlackRock, Inc. | Reduced | -925.5k |
| Melqart Asset Management (UK) Ltd | Sold out | -877.7k |
| LITTLEJOHN & CO LLC | Sold out | -733.3k |
| VANGUARD PORTFOLIO MANAGEMENT LLC | Reduced | -712.5k |
| UBS Group AG | Reduced | -545.8k |
| STATE STREET CORP | Reduced | -473.5k |
| ROYCE & ASSOCIATES LP | Sold out | -348.0k |
| BANK OF AMERICA CORP /DE/ | Reduced | -235.0k |
Biggest calls
| GOLDMAN SACHS GROUP INC | Unchanged | $4.9m362.7k shares |
| JANE STREET GROUP, LLC | Reduced | $4.3m314.9k shares |
| GROUP ONE TRADING LLC | Reduced | $3.5m260.0k shares |
| CITADEL ADVISORS LLC | Added | $3.2m234.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.8m207.9k shares |
| Point72 Asset Management, L.P. | Added | $2.0m150.0k shares |
| SIMPLEX TRADING, LLC | Added | $1.4m106.5k shares |
| Verition Fund Management LLC | New | $1.4m100.0k shares |
| Caption Management, LLC | New | $1.1m85.0k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $1.1m79.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.0m75.3k shares |
| GROUP ONE TRADING LLC | Reduced | $387.7k28.7k shares |
| CITADEL ADVISORS LLC | Reduced | $278.3k20.6k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $266.1k19.7k shares |
| JANE STREET GROUP, LLC | Reduced | $158.1k11.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $83.8k6.2k shares |
| Walleye Capital LLC | New | $45.9k3.4k shares |
| Walleye Trading LLC | Reduced | $4.1k300 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
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.
| Holder | Stake |
|---|---|
| BARCLAYS PLC 13G · institution new · filed 2026-08-13 | 7.8% |
| FMR LLC 13G · institution new · filed 2026-08-06 | 6.4% |
| Bracebridge Capital, LLC 13G · passive investor new · filed 2026-07-28 | 5.1% |
Fell to 5% or below in the last year: BlackRock, Inc. (4.9%, 2026-10-27)
Insider purchases and sales since 1 Apr 2026
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.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| CLEARLAKE CAPITAL GROUP, L.P. 9.78% of their portfolio | 3.8m $51.7m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 2.8m $37.5m | Reduced -925.5k |
| FMR LLC 0.00% of their portfolio | 2.0m $27.1m | Added +921.6k |
| Bracebridge Capital, LLC 4.11% of their portfolio | 1.4m $19.0m | New |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.2m $15.8m | Added +142.6k |
| PRIVATE MANAGEMENT GROUP INC 0.41% of their portfolio | 1.1m $15.5m | Reduced -9.6k |
| CIBC WORLD MARKET INC. 0.02% of their portfolio | 1.1m $14.5m | Added +337.9k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 1.0m $13.5m | New |
| HRT FINANCIAL LP 0.03% of their portfolio | 786.0k $10.6m | Added +378.8k |
| BARCLAYS PLC 0.00% of their portfolio | 706.6k $9.5m | Added +691.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 613.8k $8.3m | Added +354.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 596.9k $8.1m | Added +116.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 581.4k $7.9m | Added +29.9k |
| STATE STREET CORP 0.00% of their portfolio | 579.8k $7.8m | Reduced -473.5k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 565.0k $7.6m | New |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 492.5k $6.7m | Reduced -348 |
| MORGAN STANLEY 0.00% of their portfolio | 464.5k $6.3m | Added +47.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 425.3k $5.7m | Reduced -72.4k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 422.2k $5.7m | Added +319.1k |
| TIMUCUAN ASSET MANAGEMENT INC/FL 0.20% of their portfolio | 398.6k $5.4m | New |
| Diameter Capital Partners LP 0.50% of their portfolio | 350.0k $4.7m | New |
| TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio | 343.1k $4.6m | Added +296.0k |
| Jump Financial, LLC 0.04% of their portfolio | 312.0k $4.2m | Added +115.2k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 300.4k $4.1m | Reduced -18.5k |
| Mill Road Capital Management LLC 1.95% of their portfolio | 292.2k $3.9m | Added +65.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 274.5k $4.0m | Added +130.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 253.3k $3.4m | Reduced -4.8k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 248.4k $3.4m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 221.1k $3.0m | Added +1.3k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.19% of their portfolio | 221.1k $3.0m | New |
| UBS Group AG 0.00% of their portfolio | 210.1k $2.8m | Reduced -545.8k |
| XTX Topco Ltd 0.03% of their portfolio | 195.8k $2.6m | Added +154.3k |
| Squarepoint Ops LLC 0.01% of their portfolio | 194.8k $2.6m | Added +21.9k |
| LMR Partners LLP 0.02% of their portfolio | 192.7k $2.6m | New |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 190.7k $2.6m | Reduced -20.8k |
| Diametric Capital, LP 0.27% of their portfolio | 189.5k $2.6m | Added +49.2k |
| Monarch Alternative Capital LP 0.36% of their portfolio | 189.0k $2.6m | New |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 186.6k $2.5m | Reduced -228.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 185.8k $2.5m | Reduced -712.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 185.2k $2.5m | Added +44.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.00% of their portfolio | 177.1k $2.4m | Reduced -100.0k |
| Allianz Asset Management GmbH 0.00% of their portfolio | 176.2k $2.4m | Added +25.8k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 165.2k $2.2m | Added +14.1k |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 156.5k $2.1m | New |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 149.8k $2.0m | Added +95.1k |
| Nuveen, LLC 0.00% of their portfolio | 149.7k $2.0m | Added +69.5k |
| PDT Partners, LLC 0.10% of their portfolio | 146.1k $2.0m | Reduced -43.0k |
| NORGES BANK 0.00% of their portfolio | 145.3k $2.0m | Not comparable |
| Prescott Group Capital Management, L.L.C. 0.14% of their portfolio | 123.9k $1.7m | Added +80.0k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 122.7k $1.7m | New |
| Carlyle Group Inc. 0.01% of their portfolio | 107.2k $1.4m | Unchanged |
| AlpInvest Partners B.V. 2.33% of their portfolio | 103.3k $1.4m | Unchanged |
| Trexquant Investment LP 0.01% of their portfolio | 102.8k $1.4m | New |
| Invesco Ltd. 0.00% of their portfolio | 101.4k $1.4m | Reduced -211.4k |
| Quantbot Technologies LP 0.05% of their portfolio | 95.9k $1.3m | Added +65.9k |
| Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio | 87.1k $1.2m | New |
| Aquatic Capital Management LLC 0.04% of their portfolio | 84.2k $1.1m | New |
| Jain Global LLC 0.01% of their portfolio | 80.7k $1.1m | New |
| Engineers Gate Manager LP 0.01% of their portfolio | 76.6k $1.0m | Added +31.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 76.1k $1.0m | Reduced -235.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 73.1k $987.5k | Reduced -57.4k |
| Advisory Services Network, LLC 0.01% of their portfolio | 72.8k $983.5k | New |
| Voleon Capital Management LP 0.02% of their portfolio | 69.1k $933.6k | Reduced -24.6k |
| Hudson Bay Capital Management LP 0.00% of their portfolio | 67.6k $913.2k | Reduced -199.2k |
| Quantinno Capital Management LP 0.00% of their portfolio | 66.9k $903.2k | Added +46.1k |
| GROUP ONE TRADING LLC 0.03% of their portfolio | 64.2k $867.3k | Reduced -51.3k |
| New Age Alpha Advisors, LLC 0.04% of their portfolio | 63.1k $852.5k | New |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.02% of their portfolio | 62.6k $845.9k | New |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 60.1k $812.0k | Reduced -131.6k |
| Shay Capital LLC 0.09% of their portfolio | 60.0k $810.6k | Reduced -206.4k |
| Freestone Grove Partners LP 0.01% of their portfolio | 56.8k $767.2k | New |
| Schonfeld Strategic Advisors LLC 0.00% of their portfolio | 55.6k $751.3k | Added +30.3k |
| Rangeley Capital, LLC 0.69% of their portfolio | 55.0k $743.0k | Reduced -30.0k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 53.5k $723.3k | New |
| Inspire Investing, LLC 0.03% of their portfolio | 51.1k $690.3k | Added +20.0k |
| Walleye Capital LLC 0.00% of their portfolio | 50.8k $686.3k | New |
| ADAR1 Capital Management, LLC 0.03% of their portfolio | 48.2k $651.7k | Reduced -30.0k |
| Marble Bar Asset Management LLP 0.44% of their portfolio | 46.7k $631.2k | New |
| Integrity Financial Corp /WA 0.30% of their portfolio | 46.0k $621.6k | Added +12.7k |
| EntryPoint Capital, LLC 0.15% of their portfolio | 45.1k $609.0k | Added +34.7k |
| Swiss National Bank 0.00% of their portfolio | 44.3k $598.5k | Added +4.9k |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 43.7k $589.9k | Added +43.5k |
| Verition Fund Management LLC 0.00% of their portfolio | 43.5k $587.5k | Added +24.6k |
| LPL Financial LLC 0.00% of their portfolio | 42.5k $574.0k | Added +170 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 38.4k $519.1k | Reduced -1.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 36.9k $499.0k | Added +12.5k |
| INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio | 35.0k $473.3k | Unchanged |
| Counterpoint Mutual Funds LLC 0.04% of their portfolio | 33.5k $453.3k | Unchanged |
| Entropy Technologies, LP 0.02% of their portfolio | 30.1k $406.9k | Added +10.4k |
| WINTON GROUP Ltd 0.01% of their portfolio | 30.1k $406.2k | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 29.8k $402.4k | Reduced -37.3k |
| Brevan Howard Capital Management LP 0.01% of their portfolio | 29.6k $400.4k | Added +8.0k |
| Caption Management, LLC 0.01% of their portfolio | 29.6k $399.5k | Added +28.1k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 28.5k $380.7k | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 28.1k $469.7k | Added +1.5k |
| FIRST CITIZENS BANK & TRUST CO 0.01% of their portfolio | 26.9k $363.7k | Added +241 |
| CITIGROUP INC 0.00% of their portfolio | 26.3k $354.8k | Reduced -95.2k |
| Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio | 25.8k $348.7k | Added +284 |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 25.7k $347.7k | Reduced -9.8k |
| Creative Planning 0.00% of their portfolio | 25.0k $337.1k | Reduced -8.9k |