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Saia (SAIA) Moves 6.7% Higher: Will This Strength Last?
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Saia (SAIA - Free Report) shares soared 6.7% in the last trading session to close at $429.33. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.4% gain over the past four weeks.
The uptick was owing to the strong less-than-truckload (LTL) shipment growth recorded by the company in the first two months of second-quarter 2024. Per a midquarter report, SAIA reported an 18% year over year increase in LTL shipments per workday in April. The reading in May was even stronger. In May, the company recorded an 18.6% increase in LTL shipments per workday on a year-over-year basis.
This trucking company is expected to post quarterly earnings of $3.86 per share in its upcoming report, which represents a year-over-year change of +12.9%. Revenues are expected to be $801.23 million, up 15.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Saia, the consensus EPS estimate for the quarter has been revised 1.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SAIA going forward to see if this recent jump can turn into more strength down the road.
Saia belongs to the Zacks Transportation - Truck industry. Another stock from the same industry, JB Hunt (JBHT - Free Report) , closed the last trading session 1.3% lower at $158.51. Over the past month, JBHT has returned -3.5%.
JB Hunt's consensus EPS estimate for the upcoming report has changed -0.4% over the past month to $1.57. Compared to the company's year-ago EPS, this represents a change of -13.3%. JB Hunt currently boasts a Zacks Rank of #5 (Strong Sell).
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Saia (SAIA) Moves 6.7% Higher: Will This Strength Last?
Saia (SAIA - Free Report) shares soared 6.7% in the last trading session to close at $429.33. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.4% gain over the past four weeks.
The uptick was owing to the strong less-than-truckload (LTL) shipment growth recorded by the company in the first two months of second-quarter 2024. Per a midquarter report, SAIA reported an 18% year over year increase in LTL shipments per workday in April. The reading in May was even stronger. In May, the company recorded an 18.6% increase in LTL shipments per workday on a year-over-year basis.
This trucking company is expected to post quarterly earnings of $3.86 per share in its upcoming report, which represents a year-over-year change of +12.9%. Revenues are expected to be $801.23 million, up 15.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Saia, the consensus EPS estimate for the quarter has been revised 1.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SAIA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Saia belongs to the Zacks Transportation - Truck industry. Another stock from the same industry, JB Hunt (JBHT - Free Report) , closed the last trading session 1.3% lower at $158.51. Over the past month, JBHT has returned -3.5%.
JB Hunt's consensus EPS estimate for the upcoming report has changed -0.4% over the past month to $1.57. Compared to the company's year-ago EPS, this represents a change of -13.3%. JB Hunt currently boasts a Zacks Rank of #5 (Strong Sell).