Saia (NASDAQ:SAIA) Shares Down 6.5%

Saia, Inc. (NASDAQ:SAIA - Get Free Report) dropped 6.5% on Thursday . The company traded as low as $387.78 and last traded at $390.38. Approximately 185,869 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 394,969 shares. The stock had previously closed at $417.31.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays reduced their price objective on Saia from $575.00 to $515.00 and set an "overweight" rating on the stock in a research note on Monday, July 29th. Susquehanna lowered their price objective on shares of Saia from $610.00 to $550.00 and set a "positive" rating for the company in a research report on Wednesday, June 12th. BMO Capital Markets cut their target price on shares of Saia from $500.00 to $480.00 and set a "market perform" rating on the stock in a report on Monday, July 29th. Benchmark reaffirmed a "buy" rating and set a $480.00 target price on shares of Saia in a report on Thursday. Finally, TD Cowen raised their price target on Saia from $416.00 to $418.00 and gave the stock a "hold" rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $483.33.

Saia Stock Down 4.5 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.36 and a current ratio of 1.36. The stock's fifty day simple moving average is $421.30 and its two-hundred day simple moving average is $472.85. The company has a market capitalization of $10.59 billion, a price-to-earnings ratio of 28.87, a P/E/G ratio of 1.81 and a beta of 1.74.

Saia (NASDAQ:SAIA - Get Free Report) last issued its earnings results on Friday, July 26th. The transportation company reported $3.83 earnings per share for the quarter, missing analysts' consensus estimates of $4.00 by ($0.17). The business had revenue of $823.24 million for the quarter, compared to the consensus estimate of $821.60 million. Saia had a return on equity of 19.14% and a net margin of 12.26%. On average, sell-side analysts anticipate that Saia, Inc. will post 13.88 EPS for the current year.

Hedge Funds Weigh In On Saia

A number of hedge funds and other institutional investors have recently modified their holdings of SAIA. Sanctuary Advisors LLC purchased a new stake in Saia during the second quarter valued at about $2,227,000. Brown Financial Advisors purchased a new stake in shares of Saia in the 2nd quarter valued at approximately $312,000. Clearbridge Investments LLC boosted its stake in Saia by 67.2% in the 2nd quarter. Clearbridge Investments LLC now owns 79,283 shares of the transportation company's stock worth $37,603,000 after purchasing an additional 31,876 shares during the period. Truist Financial Corp grew its position in Saia by 25.6% during the 2nd quarter. Truist Financial Corp now owns 27,715 shares of the transportation company's stock worth $13,145,000 after purchasing an additional 5,643 shares in the last quarter. Finally, Quarry LP acquired a new stake in Saia during the 2nd quarter valued at $41,000.

About Saia

Saia, Inc, together with its subsidiaries, operates as a transportation company in North America. The company provides less-than-truckload services for shipments between 100 and 10,000 pounds; and other value-added services, including non-asset truckload, expedited, and logistics services. It also offers other value-added services, including non-asset truckload, expedited, and logistics services.