Hub Group's stock experienced a sharp pre-market plunge of 29.48% on Friday, following significant corporate developments that rattled investor confidence.

The transportation and logistics company announced it will restate its financial statements for the first three quarters of 2025 due to an accounting error that understated purchased transportation costs and accounts payable by approximately $77 million. Concurrently, Hub Group delayed its full earnings release and conference call, contributing to negative sentiment in the extended trading session.

Adding to the pressure, analyst firm Baird downgraded Hub Group's stock rating from "outperform" to "neutral" and slashed its price target from $47 to $29. The company also provided preliminary revenue guidance for fiscal 2025 that indicates a potential decline from the previous year, further weighing on the stock price.