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

Covenant Transportation Group, Inc. (NASDAQ:CVTI) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 611,100 shares, an increase of 19.3% from the December 31st total of 512,200 shares. Based on an average daily volume of 123,800 shares, the short-interest ratio is currently 4.9 days. Currently, 4.8% of the shares of the stock are sold short.

Several research firms recently weighed in on CVTI. 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 downgraded shares of Covenant Transportation Group from a “hold” rating to a “strong sell” rating in a research report on Friday, January 17th. ValuEngine upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. BidaskClub raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Cowen dropped their price objective on shares of Covenant Transportation Group from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $20.67.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. California Public Employees Retirement System lifted its holdings in Covenant Transportation Group by 177.1% during the 4th quarter. California Public Employees Retirement System now owns 47,443 shares of the transportation company’s stock worth $613,000 after buying an additional 30,320 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Covenant Transportation Group by 4.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 25,427 shares of the transportation company’s stock valued at $329,000 after purchasing an additional 1,158 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of Covenant Transportation Group by 71.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 71,178 shares of the transportation company’s stock valued at $920,000 after purchasing an additional 29,675 shares in the last quarter. FTB Advisors Inc. raised its holdings in shares of Covenant Transportation Group by 7.1% in the 4th quarter. FTB Advisors Inc. now owns 150,000 shares of the transportation company’s stock valued at $1,939,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Covenant Transportation Group by 54.8% in the 3rd quarter. Squarepoint Ops LLC now owns 53,848 shares of the transportation company’s stock valued at $885,000 after purchasing an additional 19,053 shares in the last quarter. 62.97% of the stock is owned by institutional investors.

NASDAQ CVTI traded down $0.03 during trading hours on Wednesday, hitting $13.82. 2,257 shares of the company’s stock traded hands, compared to its average volume of 160,145. Covenant Transportation Group has a 52-week low of $12.35 and a 52-week high of $24.99. The company has a market capitalization of $252.55 million, a PE ratio of 30.07 and a beta of 1.53. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.61 and a quick ratio of 1.58. The firm’s 50-day moving average is $13.26 and its 200-day moving average is $14.69.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Thursday, January 23rd. The transportation company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.05. Covenant Transportation Group had a net margin of 0.95% and a return on equity of 3.42%. The company had revenue of $233.14 million during the quarter, compared to analysts’ expectations of $225.20 million. Equities research analysts predict that Covenant Transportation Group will post 0.98 earnings per share for the current fiscal year.

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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