Covenant Transportation Group, Inc. (NASDAQ:CVTI) Short Interest Up 14.1% in August

Covenant Transportation Group, Inc. (NASDAQ:CVTI) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 214,600 shares, a growth of 14.1% from the July 31st total of 188,000 shares. Based on an average trading volume of 129,900 shares, the short-interest ratio is currently 1.7 days. Approximately 1.7% of the shares of the company are sold short.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake 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 valued at $16,321,000 after purchasing an additional 28,689 shares in the last quarter. LSV Asset Management boosted its holdings in Covenant Transportation Group by 91.8% in the second quarter. LSV Asset Management now owns 734,784 shares of the transportation company’s stock valued at $10,808,000 after acquiring an additional 351,700 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Covenant Transportation Group by 3.1% during the second 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% during the second 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% during the second 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. 63.42% of the stock is owned by institutional investors.

Covenant Transportation Group stock traded down $0.28 during midday trading on Friday, hitting $18.02. The company’s stock had a trading volume of 2,850 shares, compared to its average volume of 117,708. The stock’s 50-day moving average price is $15.01 and its 200-day moving average price is $17.25. The company has a quick ratio of 1.67, a current ratio of 1.70 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $330.16 million, a PE ratio of 7.67 and a beta of 1.56. Covenant Transportation Group has a 12 month low of $13.27 and a 12 month high of $31.59.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Wednesday, July 24th. The transportation company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $219.30 million for the quarter, compared to the consensus estimate 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, equities analysts anticipate that Covenant Transportation Group will post 1.5 EPS for the current year.

Several equities analysts have weighed in on the stock. ValuEngine downgraded shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 4th. Zacks Investment Research raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Cowen reaffirmed an “outperform” rating and set a $21.00 price target (down from $24.00) on shares of Covenant Transportation Group in a research report on Wednesday, July 17th. BidaskClub raised shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, Stephens started coverage on shares of Covenant Transportation Group in a research note on Monday, July 1st. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $24.67.

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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