Covenant Transportation Group, Inc. (NASDAQ:CVTI) Sees Large Drop in Short Interest

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Covenant Transportation Group, Inc. (NASDAQ:CVTI) saw a significant decrease in short interest in June. As of June 30th, there was short interest totalling 224,500 shares, a decrease of 12.6% from the May 30th total of 257,000 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily volume of 124,100 shares, the days-to-cover ratio is currently 1.8 days.

Shares of CVTI traded up $0.13 during midday trading on Friday, hitting $13.62. The stock had a trading volume of 491,762 shares, compared to its average volume of 131,236. Covenant Transportation Group has a 1 year low of $13.27 and a 1 year high of $32.34. The stock has a market capitalization of $250.17 million, a price-to-earnings ratio of 5.77 and a beta of 1.57. The company has a current ratio of 1.70, a quick ratio of 1.67 and a debt-to-equity ratio of 0.74. The company’s 50 day moving average is $14.88.

Covenant Transportation Group (NASDAQ:CVTI) last announced its earnings results on Thursday, April 25th. The transportation company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a net margin of 4.57% and a return on equity of 13.27%. The business had revenue of $219.18 million for the quarter, compared to the consensus estimate of $226.90 million. As a group, sell-side analysts predict that Covenant Transportation Group will post 1.95 earnings per share for the current year.

In other Covenant Transportation Group news, Director Robert E. Bosworth purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average price of $15.00 per share, with a total value of $75,000.00. Following the completion of the purchase, the director now directly owns 78,451 shares in the company, valued at $1,176,765. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.60% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in CVTI. Ranger Investment Management L.P. grew its holdings in shares of Covenant Transportation Group by 33.2% in the fourth quarter. Ranger Investment Management L.P. now owns 216,712 shares of the transportation company’s stock worth $4,161,000 after purchasing an additional 53,997 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in shares of Covenant Transportation Group in the fourth quarter worth about $1,295,000. First Trust Advisors LP grew its holdings in shares of Covenant Transportation Group by 18.7% in the fourth quarter. First Trust Advisors LP now owns 22,201 shares of the transportation company’s stock worth $426,000 after purchasing an additional 3,496 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Covenant Transportation Group by 3.3% in the fourth quarter. American Century Companies Inc. now owns 78,666 shares of the transportation company’s stock worth $1,510,000 after purchasing an additional 2,546 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in shares of Covenant Transportation Group by 129.1% in the fourth quarter. Prudential Financial Inc. now owns 125,651 shares of the transportation company’s stock worth $2,412,000 after purchasing an additional 70,817 shares during the last quarter. 65.35% of the stock is currently owned by institutional investors and hedge funds.

CVTI has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Forward Air from a “hold” rating to a “sell” rating in a research note on Monday, June 17th. Cowen reissued an “outperform” rating and issued a $28.00 target price (down previously from $30.00) on shares of Pure Storage in a research note on Wednesday, May 22nd. Wolfe Research raised shares of Covenant Transportation Group from an “underperform” rating to a “peer perform” rating in a research note on Friday, June 28th. BidaskClub downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Stephens set a $112.00 target price on shares of Genesee & Wyoming and gave the company a “hold” rating in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $25.33.

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.

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