Covenant Transportation Group, Inc. (NASDAQ:CVTI) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 611,100 shares, an increase of 19.3% from the December 15th total of 512,200 shares. Currently, 4.9% of the company’s stock are short sold. Based on an average trading volume of 122,900 shares, the days-to-cover ratio is presently 5.0 days.

Shares of CVTI stock traded up $0.35 during trading hours on Wednesday, reaching $14.01. The company had a trading volume of 5,143 shares, compared to its average volume of 175,056. The business has a fifty day moving average price of $13.08 and a 200-day moving average price of $14.75. Covenant Transportation Group has a one year low of $12.35 and a one year high of $24.99. The firm has a market cap of $245.33 million, a PE ratio of 5.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.58 and a current ratio of 1.61.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings results on Tuesday, October 22nd. The transportation company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.11). Covenant Transportation Group had a return on equity of 7.79% and a net margin of 2.55%. The company had revenue of $222.91 million during the quarter, compared to the consensus estimate of $209.50 million. Equities research analysts forecast that Covenant Transportation Group will post 0.78 EPS for the current year.

In other Covenant Transportation Group news, COO James F. Brower, Jr. sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $15.58, for a total transaction of $93,480.00. Following the completion of the sale, the chief operating officer now directly owns 58,581 shares in the company, valued at approximately $912,691.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 31.60% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Swiss National Bank boosted its holdings in shares of Covenant Transportation Group by 5.8% in the second quarter. Swiss National Bank now owns 23,900 shares of the transportation company’s stock worth $352,000 after buying an additional 1,300 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Covenant Transportation Group by 0.6% in the second quarter. JPMorgan Chase & Co. now owns 157,001 shares of the transportation company’s stock worth $2,204,000 after buying an additional 955 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Covenant Transportation Group by 5.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 28,593 shares of the transportation company’s stock worth $421,000 after buying an additional 1,515 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Covenant Transportation Group by 48.0% in the second quarter. Parametric Portfolio Associates LLC now owns 16,480 shares of the transportation company’s stock worth $242,000 after buying an additional 5,343 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Covenant Transportation Group by 2.7% in the second quarter. BlackRock Inc. now owns 1,109,393 shares of the transportation company’s stock worth $16,321,000 after buying an additional 28,689 shares during the last quarter. Hedge funds and other institutional investors own 63.39% of the company’s stock.

A number of analysts have weighed in on the stock. Wolfe Research upgraded shares of Covenant Transportation Group from a “peer perform” rating to an “outperform” rating in a research note on Tuesday, January 7th. ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus lowered shares of Covenant Transportation Group from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a research note on Wednesday, October 30th. Zacks Investment Research upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Cowen reiterated a “buy” rating and issued a $21.00 price target on shares of Covenant Transportation Group in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Covenant Transportation Group presently has a consensus rating of “Hold” and a consensus target price of $21.33.

About Covenant Transportation Group

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

Further Reading: Cash Flow

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