Summary of transactions
Cetus Capital VI, L.P., identified as a 10 percent owner of Forward Air Corp. (ticker: FWRD), reported a sequence of sales totaling 262,163 shares of the company’s common stock executed between November 6 and November 12, 2025. The transactions occurred at per-share prices ranging from $21.55 to $22.66 and sum to an approximate transaction value of $5.94 million.
Breakdown of sales by date
- November 6, 2025 - 74,716 shares sold at an average price of $21.85, plus an additional 284 shares sold at an average price of $22.39.
- November 10, 2025 - 90,000 shares sold at an average price of $21.55 and 30,000 shares sold at an average price of $22.66.
- November 11, 2025 - 67,163 shares sold at an average price of $21.71.
- November 12, 2025 - 10,000 shares sold at an average price of $22.38.
Prior acquisition and current stake
Prior to these dispositions, Cetus Capital VI, L.P. acquired 225,000 shares of Forward Air common stock on October 20, 2025, at prices between $17.89 and $18.86, for a total outlay of $4,034,950. After the November sales, the firm directly owns 3,116,546 shares of Forward Air Corp.
Market context and company financials
Forward Air’s shares are trading at $27.24, a level above the prices at which Cetus Capital sold stock in November. Over the most recent week, the stock experienced an 8.34% decline. The company’s market capitalization is reported at $853.39 million. Forward Air is not currently profitable, recording a net loss of $115.51 million over the last twelve months.
Upcoming reporting and analyst outlook
Investors are approaching an upcoming earnings release, with the company’s report scheduled in eight days on February 26, 2026. Analyst price targets for Forward Air span a range from $30 to $45. In recent analyst activity, Stifel raised a price target to $32 from $30 while maintaining a Buy rating. In another note, Stifel reiterated its Buy rating and a $30 price target, and highlighted Forward Air’s emphasis on time-definite, asset-light less-than-truckload operations supported by strategic technology deployment.
Strategic positioning and operational moves
Stifel’s commentary highlights the company’s asset-light LTL approach and its focus on high-value, time-sensitive shipments. Forward Air has expanded its reach into the 3PL industrial market, an effort the company is pursuing to improve density characteristics and to mitigate secular mix pressure. The acquisition of Omni Logistics is referenced as a controversial development in the company’s recent history, though Forward Air continues to operate with its asset-light model while pushing into the 3PL space.
Key points
- Cetus Capital sold 262,163 Forward Air shares between November 6 and November 12, 2025, for about $5.94 million in total.
- Following the sale and a prior October 20, 2025 acquisition of 225,000 shares, Cetus Capital directly holds 3,116,546 shares of Forward Air.
- Forward Air is trading at $27.24, has a market capitalization of $853.39 million, and posted a trailing twelve-month net loss of $115.51 million; analyst targets range from $30 to $45.
Risks and uncertainties
- Forward Air is currently unprofitable, with a reported net loss of $115.51 million over the last twelve months - a financial risk that affects equity valuation and investor sentiment in the logistics sector.
- The recent stock price decline of 8.34% over one week and variability in analyst price targets (from $30 to $45) reflect uncertainty in near-term performance and expectations, impacting market and investor confidence.
- The acquisition of Omni Logistics has been described as controversial; integration or execution challenges from that deal could influence Forward Air’s operational metrics and market reception in the asset-light LTL and 3PL segments.
What the filings show
The detailed sales on the dates cited were executed at the prices and volumes listed above, and the October acquisition figures are recorded as specified. The ownership total of 3,116,546 shares reflects the company’s direct holdings following these transactions.
Conclusion
The November sales by Cetus Capital represent a notable block of Forward Air stock moved into the market, while the firm maintains a multi-million-share stake in the company. Forward Air’s financial losses, its market capitalization, upcoming earnings report on February 26, 2026, and mixed analyst guidance are factors that market participants may weigh alongside insider trading activity when assessing the stock.