United States Freight & Logistics Services

Forward Air Corp (FWRD)

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Forward Air Corp experienced significant insider activity in late 2025, primarily driven by Cetus Capital VI, L.P. The most recent transactions occurred between October 14 and November 12, 2025, consisting of multiple sell orders alongside earlier buy transactions. No insider trading activity has been reported in the last three months.
Ticker: FWRD Exchange: NSM
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• Purchase • Sale • Planned purchase • Planned sale Net purchase Net sale Buy signal Sell signal Earnings
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Insider trades have triggered activity signals for Forward Air Corp. Upgrade to see score, net flow, insiders and the full signal context.

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Top insiders
Trades
Sale 12 Nov 2025
Value US$4,583,135.81 | Price 398.96 | Shares 98,696 (-20.6%)
Abbreviations B: Buy, S: Sell, PP: Planned purchase, PlS: Planned sale, PrS: Proposed sale, O: Option / Other
Notification date Transaction date B/S Transaction type Insider and/or position Nb. shares
Price
Value 		Number of shares Price Value Details
2026-02-17 2025-11-12 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
98,696 -20.6%
398.96
US$4,583,136 		98,696 -20.6% 398.96 US$4,583,136
2026-02-17 2025-11-11 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
79,037 +33.6%
486.01
US$2,010,191 		79,037 +33.6% 486.01 US$2,010,191
2026-02-17 2025-11-10 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
86,157 -31.6%
272.46
US$3,727,400 		86,157 -31.6% 272.46 US$3,727,400
2026-02-17 2025-11-10 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
90,000 -2.7%
21.55
US$1,939,500 		90,000 -2.7% 21.55 US$1,939,500
2026-02-17 2025-11-06 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
284 -0.0%
22.39
US$6,359 		284 -0.0% 22.39 US$6,359
2026-02-17 2025-11-06 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
74,716 -2.2%
21.85
US$1,632,545 		74,716 -2.2% 21.85 US$1,632,545
2026-02-17 2025-10-20 B Purchase
2.8
Cetus Capital VI, L.P.
Large shareholder
10,000 +0.3%
18.86
US$188,600 		10,000 +0.3% 18.86 US$188,600
2026-02-17 2025-10-20 B Purchase
2.8
Cetus Capital VI, L.P.
Large shareholder
215,000 +6.8%
17.89
US$3,846,350 		215,000 +6.8% 17.89 US$3,846,350
2026-02-17 2025-10-14 S Sale
2.8
Cetus Capital VI, L.P.
Large shareholder
30,000 -1.0%
21.42
US$642,600 		30,000 -1.0% 21.42 US$642,600
2023-08-30 2023-08-25 B Purchase
3.0
MITCHIN KYLE R

Chief People Officer

Officer
1,093 +6.1%
68.63
US$75,013 		1,093 +6.1% 68.63 US$75,013
2023-08-25 2023-08-25 B Purchase
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
1,433 +5.3%
69.77
US$99,992 		1,433 +5.3% 69.77 US$99,992
2023-08-30 2023-08-22 B Purchase
2.2
Ronning Nancee L

Chief Commercial Officer

Officer
315 +11.5%
64.65
US$20,365 		315 +11.5% 64.65 US$20,365
2023-08-22 2023-08-18 B Purchase
1.7
POLIT JAVIER
Non-Executive Director
1,000 +18.7%
64.59
US$64,590 		1,000 +18.7% 64.59 US$64,590
2023-08-18 2023-08-18 B Purchase
1.8
Carlock Craig
Non-Executive Director
1,600 +10.7%
64.84
US$103,744 		1,600 +10.7% 64.84 US$103,744
2023-08-18 2023-08-18 B Purchase
3.0
Mayes George S JR
Non-Executive Director
500 +10.5%
64.00
US$32,000 		500 +10.5% 64.00 US$32,000
2023-08-18 2023-08-18 B Purchase
3.3
LYNCH GEORGE M
Non-Executive Director
500 +4.7%
63.28
US$31,640 		500 +4.7% 63.28 US$31,640
2023-08-18 2023-08-18 B Purchase
3.0
MITCHIN KYLE R

Chief People Officer

Officer
398 +2.3%
64.12
US$25,499 		398 +2.3% 64.12 US$25,499
2023-08-18 2023-08-18 B Purchase
2.7
Campbell C Robert
Non-Executive Director
5,000 +20.8%
64.33
US$321,650 		5,000 +20.8% 64.33 US$321,650
2023-08-18 2023-08-17 B Purchase
2.8
ALLEN RONALD W
Non-Executive Director
2,000 +8.9%
64.06
US$128,120 		2,000 +8.9% 64.06 US$128,120
2023-08-18 2023-08-17 B Purchase
2.8
Nayak Chitra
Non-Executive Director
1,600 +37.6%
63.76
US$102,016 		1,600 +37.6% 63.76 US$102,016
2023-08-17 2023-08-17 B Purchase
2.8
Schmitt Thomas

President & CEO

Executive Director
16,050 +27.8%
62.70
US$1,006,335 		16,050 +27.8% 62.70 US$1,006,335
2023-08-17 2023-08-17 B Purchase
3.1
Hance Michael L

CLO and Secretary

Officer
411 +0.9%
60.66
US$24,929 		411 +0.9% 60.66 US$24,929
2023-08-17 2023-08-17 B Purchase
2.9
Tucker Laurie Anne
Non-Executive Director
4,000 +34.6%
61.23
US$244,920 		4,000 +34.6% 61.23 US$244,920
2023-02-16 2023-02-15 B Purchase
2.9
Tucker Laurie Anne
Non-Executive Director
4,000 +64.3%
101.97
US$407,880 		4,000 +64.3% 101.97 US$407,880
2022-12-15 2022-12-14 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
839 -3.5%
109.20
US$91,619 		839 -3.5% 109.20 US$91,619
2022-12-15 2022-12-14 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
1,161 -4.6%
108.59
US$126,073 		1,161 -4.6% 108.59 US$126,073
2022-12-15 2022-12-12 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
1,130 -4.3%
107.37
US$121,328 		1,130 -4.3% 107.37 US$121,328
2022-12-15 2022-12-12 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
1,047 -3.8%
107.02
US$112,050 		1,047 -3.8% 107.02 US$112,050
2022-12-14 2022-12-09 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
2,823 -9.3%
107.00
US$302,061 		2,823 -9.3% 107.00 US$302,061
2023-03-20 2022-05-26 S Sale
3.3
LYNCH GEORGE M
Non-Executive Director
2,681 -22.5%
94.22
US$252,604 		2,681 -22.5% 94.22 US$252,604
2023-03-20 2022-05-18 B Purchase
2.1
NISWONGER SCOTT M
Non-Executive Director
10,000 +77.5%
90.15
US$901,500 		10,000 +77.5% 90.15 US$901,500
2023-03-20 2021-12-02 B Purchase
1.7
POLIT JAVIER
Non-Executive Director
887 +28.6%
101.73
US$90,235 		887 +28.6% 101.73 US$90,235
2023-03-20 2021-11-30 B Purchase
1.7
POLIT JAVIER
Non-Executive Director
100 +3.3%
100.43
US$10,043 		100 +3.3% 100.43 US$10,043
2021-12-03 2021-11-30 B Purchase
1.7
POLIT JAVIER
Non-Executive Director
100 +6.0%
99.12
US$9,912 		100 +6.0% 99.12 US$9,912
2021-11-04 2021-11-02 S Sale
3.1
Hance Michael L

CLO and Secretary

Officer
3,379 -8.0%
104.68
US$353,714 		3,379 -8.0% 104.68 US$353,714
2021-05-17 2021-05-13 S Sale
3.1
Hance Michael L

CLO and Secretary

Officer
200 -0.5%
96.05
US$19,210 		200 -0.5% 96.05 US$19,210
2021-05-17 2021-05-13 S Sale
3.1
Hance Michael L

CLO and Secretary

Officer
4,800 -11.0%
95.47
US$458,256 		4,800 -11.0% 95.47 US$458,256
2021-05-12 2021-05-07 S Sale
3.0
MITCHIN KYLE R

Chief People Officer

Officer
8,660 -39.2%
97.13
US$841,146 		8,660 -39.2% 97.13 US$841,146
2021-05-11 2021-05-07 S Sale
3.3
LYNCH GEORGE M
Non-Executive Director
3,056 -24.4%
98.69
US$301,597 		3,056 -24.4% 98.69 US$301,597
2024-03-29 2021-05-05 S Sale
2.8
BONEBRAKE VALERIE A
Non-Executive Director
250 -2.4%
97.62
US$24,405 		250 -2.4% 97.62 US$24,405
2021-05-06 2021-05-04 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
1,504 -5.2%
95.44
US$143,542 		1,504 -5.2% 95.44 US$143,542
2021-05-06 2021-05-04 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
6,264 -17.9%
94.60
US$592,574 		6,264 -17.9% 94.60 US$592,574
2020-12-03 2020-12-01 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
2,621 -8.2%
74.13
US$194,295 		2,621 -8.2% 74.13 US$194,295
2020-12-01 2020-11-27 S Sale
0.8
Morris Michael Joseph

CFO and Treasurer

Officer
9,098 -28.6%
73.95
US$672,807 		9,098 -28.6% 73.95 US$672,807
2020-12-01 2020-11-27 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
4,800 -13.1%
74.05
US$355,448 		4,800 -13.1% 74.05 US$355,448
2020-12-01 2020-11-27 S Sale
3.1
Hance Michael L

CLO and Secretary

Officer
7,846 -18.2%
74.04
US$580,915 		7,846 -18.2% 74.04 US$580,915
2020-11-27 2020-11-25 S Sale
2.7
Campbell C Robert
Non-Executive Director
3,000 -12.9%
75.75
US$227,248 		3,000 -12.9% 75.75 US$227,248
2020-09-03 2020-09-02 S Sale
3.0
MITCHIN KYLE R

Chief People Officer

Officer
4,793 -29.0%
59.76
US$286,444 		4,793 -29.0% 59.76 US$286,444
2020-09-03 2020-09-01 S Sale
1.1
JEWELL MATTHEW J
3,846 -7.2%
59.90
US$230,366 		3,846 -7.2% 59.90 US$230,366
2020-08-13 2020-08-12 S Sale
3.1
Hance Michael L

CLO and Secretary

Officer
4,009 -10.2%
59.42
US$238,233 		4,009 -10.2% 59.42 US$238,233
2020-08-13 2020-08-12 S Sale
1.1
JEWELL MATTHEW J
3,000 -5.7%
59.72
US$179,162 		3,000 -5.7% 59.72 US$179,162
2020-08-10 2020-08-06 S Sale
1.1
JEWELL MATTHEW J
207
0.00
US$0 		207 0.00 US$0
2020-08-06 2020-08-05 S Sale
1.1
JEWELL MATTHEW J
5,858 -10.6%
54.61
US$319,900 		5,858 -10.6% 54.61 US$319,900
2020-08-06 2020-08-04 S Sale
1.1
JEWELL MATTHEW J
19,761 -28.5%
53.67
US$1,060,636 		19,761 -28.5% 53.67 US$1,060,636
2019-09-03 2019-08-29 S Sale
0.8
ADELAAR GLENN A
4,917 -11.2%
61.05
US$300,186 		4,917 -11.2% 61.05 US$300,186
2019-03-04 2019-02-28 S Sale
2.8
CAMPBELL BRUCE A

Chairman

Executive Director
16,651 -17.8%
65.01
US$1,082,482 		16,651 -17.8% 65.01 US$1,082,482
2019-02-28 2019-02-27 S Sale
2.8
CAMPBELL BRUCE A

Chairman

Executive Director
92 -0.1%
65.02
US$5,982 		92 -0.1% 65.02 US$5,982
2019-02-28 2019-02-26 S Sale
2.8
CAMPBELL BRUCE A

Chairman

Executive Director
8,148 -8.0%
65.20
US$531,250 		8,148 -8.0% 65.20 US$531,250
2019-02-26 2019-02-25 S Sale
2.8
CAMPBELL BRUCE A

Chairman

Executive Director
18,208 -15.2%
66.05
US$1,202,638 		18,208 -15.2% 66.05 US$1,202,638
2019-02-26 2019-02-22 S Sale
2.8
CAMPBELL BRUCE A

Chairman

Executive Director
6,713 -5.3%
67.10
US$450,442 		6,713 -5.3% 67.10 US$450,442
2019-02-22 2019-02-21 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
2,000 -7.1%
68.10
US$136,200 		2,000 -7.1% 68.10 US$136,200
2019-02-14 2019-02-12 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
7,926 -21.8%
65.12
US$516,141 		7,926 -21.8% 65.12 US$516,141
2018-11-02 2018-11-01 S Sale LYNCH GEORGE M Non-Executive Director
1,965 -16.5%
60.52
US$118,922 		1,965 -16.5% 60.52 US$118,922
2018-09-06 2018-09-05 S Sale
3.0
CAMPBELL BRUCE A

Chairman

Executive Director
413 -0.3%
65.00
US$26,845 		413 -0.3% 65.00 US$26,845
2018-09-06 2018-09-04 S Sale
3.0
CAMPBELL BRUCE A

Chairman

Executive Director
8,214 -6.0%
65.60
US$538,833 		8,214 -6.0% 65.60 US$538,833
2018-08-29 2018-08-27 S Sale CAMPBELL BRUCE A

Chairman, President & CEO

Executive Director
8,523 -6.2%
64.51
US$549,801 		8,523 -6.2% 64.51 US$549,801
2018-08-23 2018-08-21 S Sale CAMPBELL BRUCE A

Chairman, President & CEO

Executive Director
8,790 -6.3%
64.53
US$567,185 		8,790 -6.3% 64.53 US$567,185
2018-08-21 2018-08-17 S Sale JEWELL MATTHEW J

President - Intermodal Serv.

Officer
8,080 -15.7%
63.00
US$509,047 		8,080 -15.7% 63.00 US$509,047
2018-08-01 2018-07-30 S Sale ADELAAR GLENN A

Senior VP, Systems Technology

Officer
14,397 -27.6%
62.26
US$896,367 		14,397 -27.6% 62.26 US$896,367
2018-08-01 2018-07-30 S Sale
3.0
RUBLE CHRIS C

Chief Operating Officer

Officer
2,000 -7.1%
62.50
US$125,000 		2,000 -7.1% 62.50 US$125,000
2018-06-18 2018-06-14 S Sale Hance Michael L

Senior VP, CLO and Secretary

Officer
4,669 -15.0%
60.66
US$283,218 		4,669 -15.0% 60.66 US$283,218
2018-06-08 2018-06-06 S Sale RUBLE CHRIS C

President - Expedited Services
7,969 -25.8%
60.50
US$482,124 		7,969 -25.8% 60.50 US$482,124
2018-05-30 2018-05-30 S Sale
3.1
JEWELL MATTHEW J

President - Logistics Services

Officer
6,232 -14.1%
60.04
US$374,177 		6,232 -14.1% 60.04 US$374,177
2018-05-24 2018-05-22 S Sale
3.1
JEWELL MATTHEW J

President - Logistics Services

Officer
2,328 -5.8%
60.00
US$139,681 		2,328 -5.8% 60.00 US$139,681
2018-02-27 2018-02-26 S Sale LYNCH GEORGE M Non-Executive Director
2,443 -19.7%
55.47
US$135,508 		2,443 -19.7% 55.47 US$135,508
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