Cetus Capital VI, L.P., a holder representing about ten percent ownership in Forward Air Corp. (NASDAQ:FWRD), reported a sale of 30,000 shares of the company's common stock executed on October 14, 2025. The disclosed weighted average sale price was $21.42, with individual trade prices spanning from $21.20 to $21.56. The filing records the aggregate proceeds from that block of stock at $642,600.
After the October 14 sale, Cetus Capital VI, L.P. is listed as directly holding 3,063,709 shares of Forward Air common stock. The transaction was reported in a filing submitted on February 17, 2026.
The February 17 filing includes a footnote that draws attention to a potential matching issue under Section 16(b) of the Securities Exchange Act of 1934. According to the filing, sales of the issuer's common stock reported in that filing, together with sales reported on November 6, 2025, November 10, 2025, November 11, 2025, and November 12, 2025 as disclosed in the Form 4 filed on February 17, 2026, were potentially matchable under Section 16(b) to the extent of an aggregate of 225,000 shares with the reporting person's purchase of 225,000 shares of the issuer's common stock on October 20, 2025. The filing states that the reporting person has agreed to remit, and the issuer has agreed to accept, an aggregate of $807,054 in connection with such sale transactions pursuant to Section 16(b).
The filing does not provide a detailed breakdown of Forward Air's earnings or revenue in connection with the insider transaction. It does, however, note recent analyst coverage that reflects differing perspectives on the company's strategy. Stifel is cited as having increased its price target for Forward Air to $32 from $30 while maintaining a Buy rating. The same coverage also indicates Stifel's continued Buy rating and a $30 price target in separate commentary, reflecting confidence in Forward Air's asset-light less-than-truckload (LTL) model and strategic use of technology.
That analyst commentary acknowledges operational challenges following Forward Air's acquisition of Omni Logistics, which has been described as controversial in the filing's summary of recent analyst discussion. Despite those challenges, Stifel's notes emphasize Forward Air's focus on high-value, time-sensitive shipments and an expansion into the third-party logistics (3PL) industrial market as strategic priorities intended to improve operational density and respond to market pressures. Stifel's analysis, as presented in the filing, underscores a sustained positive outlook on the company amid these developments.
Key points
- Cetus Capital VI, L.P. sold 30,000 Forward Air shares on October 14, 2025, at a weighted average price of $21.42, generating $642,600 in proceeds.
- Following the sale, Cetus Capital directly owned 3,063,709 Forward Air shares as reported in the February 17, 2026 filing.
- The February 17 filing discloses potential Section 16(b) matchability affecting an aggregate of 225,000 shares and an agreed remittance of $807,054 related to those transactions.
Sectors impacted - transportation, logistics, and capital markets tied to freight and less-than-truckload services.
Risks and uncertainties
- Potential Section 16(b) matchability and the related remittance - a corporate governance and regulatory risk that may affect the reporting person's net proceeds and the issuer's disclosures, with implications for investor relations in the capital markets sector.
- Operational and integration pressures stemming from the Omni Logistics acquisition - a business execution risk for Forward Air's logistics and 3PL operations that could influence service density and margin dynamics.
- Limited financial detail in the filing - the absence of specific earnings and revenue figures in the disclosure leaves uncertainty about the company’s near-term financial performance.
This article reports the specifics of the insider sale and the associated filing information as provided. The filing and analyst notes cited in the disclosure describe both the transaction mechanics and outside assessments of Forward Air's strategic positioning but do not provide additional financial metrics beyond those stated above.