Likuiditas Dan Profitabilitas Sebagai Determinan Pergerakan Harga Saham Sektor Transportasi Logistik

The 14.96% decline in the transportation and logistics sector index (IDXTRANS) throughout 2024 highlights market pressure and the importance of identifying financial factors associated with stock price movements. However, previous studies have reported inconsistent findings regarding the effects of profitability and liquidity on stock prices. This study aims to analyze the effects of Net Profit Margin (NPM) and Cash Ratio on the stock prices of transportation and logistics companies listed on the Indonesia Stock Exchange during 2021–2024. A quantitative approach was employed using secondary data from financial statements and stock price records. The sample was selected through purposive sampling, yielding 19 companies and 71 valid observations after outlier removal. Data were analyzed using multiple linear regression following classical assumption tests. The results indicate that NPM has no significant effect on stock prices (coefficient = −2.097; p = 0.104), whereas Cash Ratio has a positive and significant effect (coefficient = 0.676; p = 0.007). Simultaneously, both variables significantly affect stock prices (F = 3.989; p = 0.023). The R-squared value of 0.105 indicates that the model explains 10.5% of stock price variation. These findings highlight the relevance of liquidity information in analyzing stock prices in this sector. ABSTRAK Penurunan indeks sektor transportasi dan logistik (IDXTRANS) sebesar 14,96% sepanjang 2024 menunjukkan tekanan pasar dan pentingnya mengidentifikasi faktor keuangan yang berkaitan dengan pergerakan harga saham. Namun, penelitian terdahulu menunjukkan hasil yang belum konsisten mengenai pengaruh profitabilitas dan likuiditas terhadap harga saham. Penelitian ini bertujuan menganalisis pengaruh Net Profit Margin (NPM) dan Cash Ratio terhadap harga saham perusahaan sektor transportasi dan logistik yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan dan data harga saham. Sampel dipilih melalui teknik purposive sampling, menghasilkan 19 perusahaan dengan 71 observasi valid setelah pembersihan outlier. Data dianalisis menggunakan regresi linear berganda setelah pengujian asumsi klasik. Hasil penelitian menunjukkan bahwa NPM tidak berpengaruh signifikan terhadap harga saham (koefisien −2,097; signifikansi 0,104), sedangkan Cash Ratio berpengaruh positif dan signifikan (koefisien 0,676; signifikansi 0,007). Secara simultan, kedua variabel berpengaruh signifikan (F = 3,989; signifikansi 0,023). Nilai R Square sebesar 0,105 menunjukkan kemampuan penjelasan model sebesar 10,5%. Temuan ini menegaskan relevansi informasi likuiditas dalam analisis harga saham sektor tersebut.