United States Freight & Logistics Services

Forward Air Corp (FWRD)

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The most recent insider trading activity occurred in November 2025, with significant sell transactions by Cetus Capital VI, L.P. totaling over $4.5 million. Prior to this, in October 2025, Cetus Capital VI, L.P. also engaged in substantial buy transactions. Earlier in August 2023, several executives made smaller buy transactions.
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Ticker: FWRD Exchange: NSM
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• Purchase • Sale • Planned purchase • Planned sale Net purchase Net sale Activity signal Earnings
Top insiders
Trades
Cetus Capital VI, L.P.
1 sale — total 223,800 USD
Sale 12 Nov 2025
Value US$4,583,135.81 | Price 398.96 | Shares 98,696
Sale 11 Nov 2025
Value US$2,010,191.20 | Price 486.01 | Shares 79,037
Sale 10 Nov 2025
Value US$679,800.00 | Price 22.66 | Shares 30,000
Sale 10 Nov 2025
Value US$1,939,500.00 | Price 21.55 | Shares 90,000
Sale 6 Nov 2025
Value US$6,358.76 | Price 22.39 | Shares 284
Sale 6 Nov 2025
Value US$1,632,544.60 | Price 21.85 | Shares 74,716
Buy 20 Oct 2025
Value US$188,600.00 | Price 18.86 | Shares 10,000
Buy 20 Oct 2025
Value US$3,846,350.00 | Price 17.89 | Shares 215,000
Sale 14 Oct 2025
Value US$642,600.00 | Price 21.42 | Shares 30,000
Buy 25 Aug 2023
Value US$75,012.59 | Price 68.63 | Shares 1,093
Buy 25 Aug 2023
Value US$99,992.27 | Price 69.77 | Shares 1,433
Buy 22 Aug 2023
Value US$20,364.75 | Price 64.65 | Shares 315
Buy 18 Aug 2023
Value US$64,590.00 | Price 64.59 | Shares 1,000
Buy 18 Aug 2023
Value US$103,744.00 | Price 64.84 | Shares 1,600
Buy 18 Aug 2023
Value US$32,000.00 | Price 64.00 | Shares 500
Buy 18 Aug 2023
Value US$31,640.00 | Price 63.28 | Shares 500
Buy 18 Aug 2023
Value US$25,499.05 | Price 64.12 | Shares 398
Buy 18 Aug 2023
Value US$321,650.00 | Price 64.33 | Shares 5,000
Buy 17 Aug 2023
Value US$128,120.00 | Price 64.06 | Shares 2,000
Buy 17 Aug 2023
Value US$102,016.00 | Price 63.76 | Shares 1,600
Buy 17 Aug 2023
Value US$1,006,335.00 | Price 62.70 | Shares 16,050
Buy 17 Aug 2023
Value US$24,929.20 | Price 60.66 | Shares 411
Buy 17 Aug 2023
Value US$244,920.00 | Price 61.23 | Shares 4,000
Buy 15 Feb 2023
Value US$407,880.00 | Price 101.97 | Shares 4,000
Sale 14 Dec 2022
Value US$91,618.80 | Price 109.20 | Shares 839
Sale 14 Dec 2022
Value US$126,072.99 | Price 108.59 | Shares 1,161
Sale 12 Dec 2022
Value US$121,328.10 | Price 107.37 | Shares 1,130
Sale 12 Dec 2022
Value US$112,049.94 | Price 107.02 | Shares 1,047
Sale 9 Dec 2022
Value US$302,061.00 | Price 107.00 | Shares 2,823
Sale 26 May 2022
Value US$252,603.82 | Price 94.22 | Shares 2,681
Buy 18 May 2022
Value US$901,500.00 | Price 90.15 | Shares 10,000
Buy 2 Dec 2021
Value US$90,234.51 | Price 101.73 | Shares 887
Buy 30 Nov 2021
Value US$10,043.00 | Price 100.43 | Shares 100
Buy 30 Nov 2021
Value US$9,911.50 | Price 99.12 | Shares 100
Sale 2 Nov 2021
Value US$353,713.72 | Price 104.68 | Shares 3,379
Sale 13 May 2021
Value US$19,210.00 | Price 96.05 | Shares 200
Sale 13 May 2021
Value US$458,256.00 | Price 95.47 | Shares 4,800
Sale 7 May 2021
Value US$841,145.80 | Price 97.13 | Shares 8,660
Sale 7 May 2021
Value US$301,596.64 | Price 98.69 | Shares 3,056
Sale 5 May 2021
Value US$24,405.00 | Price 97.62 | Shares 250
Sale 4 May 2021
Value US$143,541.76 | Price 95.44 | Shares 1,504
Sale 4 May 2021
Value US$592,574.40 | Price 94.60 | Shares 6,264
Sale 1 Dec 2020
Value US$194,294.73 | Price 74.13 | Shares 2,621
Sale 27 Nov 2020
Value US$672,807.11 | Price 73.95 | Shares 9,098
Sale 27 Nov 2020
Value US$355,448.16 | Price 74.05 | Shares 4,800
Sale 27 Nov 2020
Value US$580,915.49 | Price 74.04 | Shares 7,846
Sale 25 Nov 2020
Value US$227,248.20 | Price 75.75 | Shares 3,000
Sale 2 Sep 2020
Value US$286,443.58 | Price 59.76 | Shares 4,793
Sale 1 Sep 2020
Value US$230,365.78 | Price 59.90 | Shares 3,846
Sale 12 Aug 2020
Value US$238,232.82 | Price 59.42 | Shares 4,009
Sale 12 Aug 2020
Value US$179,161.50 | Price 59.72 | Shares 3,000
Sale 6 Aug 2020
Value US$0.00 | Price 0.00 | Shares 207
Sale 5 Aug 2020
Value US$319,900.11 | Price 54.61 | Shares 5,858
Sale 4 Aug 2020
Value US$1,060,636.11 | Price 53.67 | Shares 19,761
Sale 29 Aug 2019
Value US$300,186.29 | Price 61.05 | Shares 4,917
Sale 28 Feb 2019
Value US$1,082,481.51 | Price 65.01 | Shares 16,651
Sale 27 Feb 2019
Value US$5,981.84 | Price 65.02 | Shares 92
Sale 26 Feb 2019
Value US$531,249.60 | Price 65.20 | Shares 8,148
Sale 25 Feb 2019
Value US$1,202,638.40 | Price 66.05 | Shares 18,208
Sale 22 Feb 2019
Value US$450,442.30 | Price 67.10 | Shares 6,713
Sale 21 Feb 2019
Value US$136,200.00 | Price 68.10 | Shares 2,000
Sale 12 Feb 2019
Value US$516,141.12 | Price 65.12 | Shares 7,926
Sale 1 Nov 2018
Value US$118,921.80 | Price 60.52 | Shares 1,965
Sale 5 Sep 2018
Value US$26,845.00 | Price 65.00 | Shares 413
Sale 4 Sep 2018
Value US$538,833.47 | Price 65.60 | Shares 8,214
Sale 27 Aug 2018
Value US$549,800.83 | Price 64.51 | Shares 8,523
Sale 21 Aug 2018
Value US$567,185.30 | Price 64.53 | Shares 8,790
Sale 17 Aug 2018
Value US$509,047.27 | Price 63.00 | Shares 8,080
Sale 30 Jul 2018
Value US$896,367.30 | Price 62.26 | Shares 14,397
Sale 30 Jul 2018
Value US$125,000.00 | Price 62.50 | Shares 2,000
Sale 14 Jun 2018
Value US$283,217.80 | Price 60.66 | Shares 4,669
Sale 6 Jun 2018
Value US$482,124.50 | Price 60.50 | Shares 7,969
Sale 30 May 2018
Value US$374,176.76 | Price 60.04 | Shares 6,232
Sale 22 May 2018
Value US$139,680.70 | Price 60.00 | Shares 2,328
Sale 26 Feb 2018
Value US$135,507.59 | Price 55.47 | Shares 2,443
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
1.9
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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