Smart Money is Pouring into Saia Inc (SAIA)

As industrywide interest jumped, specific money managers were breaking ground themselves. Millennium Management initiated the most outsized position in Saia Inc (NASDAQ:SAIA). Millennium Management had $7.4 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also made a $1.2 million investment in the stock during the quarter. The following funds were also among the new SAIA investors: Renaissance Technologies, Neil Chriss’ Hutchin Hill Capital, and D E Shaw.

Let’s also examine hedge fund activity in other stocks similar to Saia Inc (NASDAQ:SAIA). These stocks are Atento SA (NYSE:ATTO), HMS Holdings Corp. (NASDAQ:HMSY), Calavo Growers, Inc. (NASDAQ:CVGW), and Lindsay Corporation (NYSE:LNN). This group of stocks’ market valuations match SAIA’s market valuation.

As you can see these stocks had an average of 14.75 hedge funds with bullish positions and the average amount invested in these stocks was $61 million. That figure was $163 million in SAIA’s case. HMS Holdings Corp. (NASDAQ:HMSY) is the most popular stock in this table. On the other hand Atento SA (NYSE:ATTO) is the least popular one with only 5 bullish hedge fund positions. Saia Inc (NASDAQ:SAIA) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal and prefer to spend our time researching stocks that hedge funds are piling on. In this regard both HMSY and SAIA look like good candidates to consider long positions in.