Saia (NASDAQ:SAIA) Shares Gap Up on Better-Than-Expected Earnings

Key Points

• Saia exceeded quarterly expectations, reporting EPS of $3.41 versus the $3.30 consensus and revenue of $982.45 million versus $966.98 million. Revenue increased 17% year over year, while EPS rose from $2.81.
• The stock initially jumped from a $324.62 close to a $348.00 open after the results, but later traded near $321.25. Saia has a market capitalization of approximately $8.75 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $437.58; 14 analysts rate the stock Buy, six Hold, and one Sell.

Shares of Saia, Inc. (NASDAQ:SAIA - Get Free Report) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $324.62, but opened at $348.00. Saia shares last traded at $321.2470, with a volume of 91,621 shares traded.

The transportation company reported $3.41 earnings per share for the quarter, beating analysts' consensus estimates of $3.30 by $0.11. The business had revenue of $982.45 million for the quarter, compared to the consensus estimate of $966.98 million. Saia had a return on equity of 10.21% and a net margin of 8.19%. The firm's revenue was up 17.0% compared to the same quarter last year. During the same period last year, the business earned $2.81 EPS.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Sanford C. Bernstein initiated coverage on Saia in a research note on Thursday, September 10th. They issued an "outperform" rating and a $439.00 price target on the stock. TD Cowen lowered their target price on Saia from $445.00 to $400.00 and set a "hold" rating for the company in a research note on Friday, July 31st. Raymond James Financial reaffirmed an "outperform" rating and set a $410.00 price target on shares of Saia in a research note on Thursday, October 15th. The Goldman Sachs Group restated a "buy" rating and set a $476.00 target price on shares of Saia in a research report on Thursday, July 30th. Finally, Susquehanna dropped their price target on shares of Saia from $412.00 to $360.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Fourteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $437.58.

Institutional Investors Weigh In On Saia

A number of large investors have recently added to or reduced their stakes in SAIA. BlackRock Inc. raised its position in shares of Saia by 6.6% during the 2nd quarter. BlackRock Inc. now owns 2,545,731 shares of the transportation company's stock valued at $1,072,160,000 after buying an additional 156,628 shares in the last quarter. State Street Corp boosted its position in Saia by 3.4% during the 2nd quarter. State Street Corp now owns 854,398 shares of the transportation company's stock valued at $359,862,000 after buying an additional 28,397 shares during the period. First Trust Advisors LP increased its stake in shares of Saia by 8.6% during the first quarter. First Trust Advisors LP now owns 804,284 shares of the transportation company's stock valued at $282,529,000 after buying an additional 63,486 shares during the period. Jupiter Topco LLC purchased a new stake in shares of Saia in the 2nd quarter worth about $140,979,000. Finally, William Blair Investment Management LLC purchased a new position in shares of Saia during the 2nd quarter worth approximately $109,089,000.

Saia Stock Up 1.0%

The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average of $342.66 and a two-hundred day moving average of $387.73. The company has a market capitalization of $8.75 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 2.68 and a beta of 2.19.

Saia Company Profile

Saia, Inc is a transportation and logistics company headquartered in Johns Creek, Georgia. Through its primary subsidiary, Saia LTL Freight, the company provides less-than-truckload transportation, moving palletized and other freight shipments that do not require a full trailer. Its services include standard and time-definite delivery, expedited transportation, guaranteed services, and shipment tracking.

Saia also provides non-asset-based logistics services through Saia Logistics Services, which helps customers arrange freight transportation using third-party carriers.

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