Covenant Transportation Group (NASDAQ:CVTI) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a hold rating to a sell rating in a research report released on Thursday morning, BidAskClub reports.

CVTI has been the subject of a number of other research reports. Stephens began coverage on Covenant Transportation Group in a research note on Monday, July 1st. They set a hold rating for the company. ValuEngine upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Monday, June 17th. Cowen reiterated an outperform rating and set a $21.00 price objective (down previously from $24.00) on shares of Covenant Transportation Group in a research note on Wednesday, July 17th. Finally, Wolfe Research upgraded Covenant Transportation Group from an underperform rating to a peer perform rating in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Covenant Transportation Group has an average rating of Hold and an average price target of $24.67.

NASDAQ CVTI opened at $14.12 on Thursday. The stock has a 50-day simple moving average of $14.84 and a two-hundred day simple moving average of $18.33. The firm has a market capitalization of $251.95 million, a P/E ratio of 5.98 and a beta of 1.56. Covenant Transportation Group has a fifty-two week low of $13.27 and a fifty-two week high of $32.34. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.67 and a current ratio of 1.70.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Wednesday, July 24th. The transportation company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $219.30 million during the quarter, compared to analyst estimates of $220.05 million. Covenant Transportation Group had a return on equity of 11.91% and a net margin of 4.05%. As a group, analysts forecast that Covenant Transportation Group will post 1.5 earnings per share for the current year.

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

Several institutional investors have recently made changes to their positions in CVTI. BlackRock Inc. boosted its holdings in Covenant Transportation Group by 2.7% in the 2nd 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. LSV Asset Management boosted its holdings in Covenant Transportation Group by 91.8% in the 2nd quarter. LSV Asset Management now owns 734,784 shares of the transportation company’s stock worth $10,808,000 after buying an additional 351,700 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Covenant Transportation Group by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 663,466 shares of the transportation company’s stock worth $9,759,000 after buying an additional 20,097 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Covenant Transportation Group by 16.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 242,872 shares of the transportation company’s stock worth $3,573,000 after buying an additional 34,578 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in Covenant Transportation Group by 143.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 232,952 shares of the transportation company’s stock worth $3,427,000 after buying an additional 137,233 shares during the last quarter. Hedge funds and other institutional investors own 65.45% of the company’s stock.

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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