Covenant Transportation Group, Inc. (NASDAQ:CVTI) Sees Large Increase in Short Interest

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. Approximately 1.7% of the shares of the company are sold short. Based on an average trading volume of 129,900 shares, the days-to-cover ratio is presently 1.7 days.

Several institutional investors have recently bought and sold shares of CVTI. Royal Bank of Canada increased its holdings in Covenant Transportation Group by 1,098.8% in the 2nd quarter. Royal Bank of Canada now owns 1,966 shares of the transportation company’s stock worth $29,000 after purchasing an additional 1,802 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Covenant Transportation Group by 257.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,568 shares of the transportation company’s stock valued at $49,000 after purchasing an additional 1,849 shares in the last quarter. A.R.T. Advisors LLC bought a new position in Covenant Transportation Group in the second quarter worth approximately $148,000. Jefferies Group LLC bought a new position in Covenant Transportation Group in the second quarter worth approximately $151,000. Finally, United Services Automobile Association boosted its holdings in Covenant Transportation Group by 25.0% in the second quarter. United Services Automobile Association now owns 12,981 shares of the transportation company’s stock worth $191,000 after acquiring an additional 2,594 shares in the last quarter. 63.42% of the stock is owned by institutional investors.

CVTI has been the subject of several research analyst reports. Wolfe Research upgraded Covenant Transportation Group from an “underperform” rating to a “peer perform” rating in a research note on Friday, June 28th. Cowen reiterated an “outperform” rating and set a $21.00 target price (down from $24.00) on shares of Covenant Transportation Group in a research note on Wednesday, July 17th. ValuEngine downgraded Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 4th. BidaskClub upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Finally, Zacks Investment Research upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Monday, June 17th. 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. Covenant Transportation Group presently has a consensus rating of “Hold” and a consensus target price of $24.67.

Shares of NASDAQ:CVTI traded down $0.28 during trading on Friday, reaching $18.02. 2,850 shares of the company traded hands, compared to its average volume of 117,708. The company’s 50 day moving average is $15.01 and its two-hundred day moving average is $17.25. The firm has a market capitalization of $330.16 million, a PE ratio of 7.67 and a beta of 1.56. The company has a quick ratio of 1.67, a current ratio of 1.70 and a debt-to-equity ratio of 0.75. Covenant Transportation Group has a 52 week low of $13.27 and a 52 week high of $31.59.

Covenant Transportation Group (NASDAQ:CVTI) last released 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 firm had revenue of $219.30 million during 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, research analysts anticipate that Covenant Transportation Group will post 1.5 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.

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