Covenant Transportation Group, Inc. (NASDAQ:CVTI) Short Interest Up 19.3% in December

Covenant Transportation Group, Inc. (NASDAQ:CVTI) was the target of a significant increase in short interest during the month of 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. Based on an average daily trading volume, of 122,900 shares, the short-interest ratio is currently 5.0 days. Currently, 4.9% of the shares of the company are short sold.

A number of equities analysts recently 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 report on Tuesday, January 7th. Zacks Investment Research upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, January 7th. Cowen reiterated a “buy” rating and set a $21.00 price objective on shares of Covenant Transportation Group in a research report on Friday, October 18th. ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. Finally, 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 report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $21.33.

In related news, COO James F. Brower, Jr. sold 6,000 shares of the company’s stock in a transaction on 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 transaction, the chief operating officer now owns 58,581 shares in the company, valued at $912,691.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 31.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. FTB Advisors Inc. raised its stake in shares of Covenant Transportation Group by 7.1% in the fourth quarter. FTB Advisors Inc. now owns 150,000 shares of the transportation company’s stock valued at $1,939,000 after acquiring an additional 10,000 shares during the period. Squarepoint Ops LLC raised its stake in shares of Covenant Transportation Group by 54.8% in the third quarter. Squarepoint Ops LLC now owns 53,848 shares of the transportation company’s stock valued at $885,000 after acquiring an additional 19,053 shares during the period. First Trust Advisors LP raised its stake in shares of Covenant Transportation Group by 26.0% in the third quarter. First Trust Advisors LP now owns 28,137 shares of the transportation company’s stock valued at $463,000 after acquiring an additional 5,803 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Covenant Transportation Group by 444.1% in the third quarter. Russell Investments Group Ltd. now owns 246,663 shares of the transportation company’s stock valued at $4,055,000 after acquiring an additional 201,332 shares during the period. Finally, Commonwealth Equity Services LLC raised its stake in shares of Covenant Transportation Group by 6.1% in the third quarter. Commonwealth Equity Services LLC now owns 31,360 shares of the transportation company’s stock valued at $515,000 after acquiring an additional 1,813 shares during the period. Institutional investors and hedge funds own 63.39% of the company’s stock.

CVTI stock opened at $13.66 on Wednesday. Covenant Transportation Group has a 52 week low of $12.35 and a 52 week high of $24.99. The company has a quick ratio of 1.58, a current ratio of 1.61 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $13.08 and a two-hundred day simple moving average of $14.75. The firm has a market capitalization of $245.33 million, a P/E ratio of 5.79 and a beta of 1.53.

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

Covenant Transportation Group Company Profile

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.

Featured Story: What is the price-to-earnings growth (PEG) ratio?

Receive News & Ratings for Covenant Transportation Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covenant Transportation Group and related companies with MarketBeat.com's FREE daily email newsletter.