Short Interest in Covenant Logistics Group, Inc. (NYSE:CVLG) Increases By 53.5%

Covenant Logistics Group, Inc. (NYSE:CVLG) was the target of a large increase in short interest in the month of August. As of August 14th, there was short interest totaling 1,003,778 shares, an increase of 53.5% from the July 30th total of 653,929 shares. Based on an average daily trading volume, of 209,432 shares, the days-to-cover ratio is currently 4.8 days. Currently, 6.2% of the company’s stock are short sold.

Covenant Logistics Group Price Performance

Shares of NYSE:CVLG traded down $0.19 on Wednesday, hitting $34.00. The company’s stock had a trading volume of 9,287 shares, compared to its average volume of 182,810. The company has a 50-day simple moving average of $40.45 and a 200 day simple moving average of $35.48. Covenant Logistics Group has a 1 year low of $18.00 and a 1 year high of $49.88. The company has a market capitalization of $862.92 million, a PE ratio of 309.12 and a beta of 1.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10.

Covenant Logistics Group (NYSE:CVLG) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%. The firm had revenue of $332.87 million for the quarter. Sell-side analysts forecast that Covenant Logistics Group will post 1.6 EPS for the current fiscal year.

Institutional Trading of Covenant Logistics Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ranger Investment Management L.P. purchased a new stake in Covenant Logistics Group in the second quarter worth $10,456,000. Prescott Group Capital Management L.L.C. purchased a new position in Covenant Logistics Group during the fourth quarter valued at $353,000. Wesbanco Bank Inc. bought a new stake in shares of Covenant Logistics Group during the 4th quarter valued at $474,000. Quantinno Capital Management LP boosted its holdings in shares of Covenant Logistics Group by 61.1% during the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock valued at $1,044,000 after buying an additional 14,590 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Covenant Logistics Group by 95.8% in the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after buying an additional 25,331 shares during the period. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CVLG. Citigroup began coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They set an “outperform” rating on the stock. Stephens set a $54.00 price objective on shares of Covenant Logistics Group and gave the stock an “overweight” rating in a report on Friday, July 31st. Weiss Ratings raised shares of Covenant Logistics Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, August 27th. Wall Street Zen lowered shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $51.80.

About Covenant Logistics Group

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.