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

BidaskClub upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a strong sell rating to a sell rating in a research report report published on Wednesday morning, BidAskClub reports.

CVTI has been the topic of a number of other research reports. Cowen reaffirmed a market perform rating and issued a $23.00 target price (down previously from $27.00) on shares of Covenant Transportation Group in a report on Tuesday, March 19th. ValuEngine downgraded Covenant Transportation Group from a sell rating to a strong sell rating in a report on Friday, March 15th. Zacks Investment Research raised Covenant Transportation Group from a sell rating to a hold rating in a report on Tuesday, March 19th. Finally, Stephens set a $25.00 price objective on Covenant Transportation Group and gave the company a buy rating in a report on Tuesday, March 19th. Three equities research analysts have rated the stock with a sell rating, two 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 an average price target of $25.33.

Shares of CVTI stock opened at $15.32 on Wednesday. The firm has a market capitalization of $287.83 million, a price-to-earnings ratio of 6.49 and a beta of 1.72. Covenant Transportation Group has a fifty-two week low of $14.55 and a fifty-two week high of $34.37. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.67 and a current ratio of 1.70.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Thursday, April 25th. The transportation company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. The firm had revenue of $219.18 million for the quarter, compared to the consensus estimate of $226.90 million. Covenant Transportation Group had a return on equity of 13.27% and a net margin of 4.57%. On average, analysts forecast that Covenant Transportation Group will post 2.09 earnings per share for the current year.

In other news, Director Robert E. Bosworth acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average price of $15.00 per share, with a total value of $75,000.00. Following the acquisition, the director now directly owns 78,451 shares in the company, valued at approximately $1,176,765. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 31.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ranger Investment Management L.P. boosted its holdings in shares of Covenant Transportation Group by 33.2% during the 4th quarter. Ranger Investment Management L.P. now owns 216,712 shares of the transportation company’s stock valued at $4,161,000 after acquiring an additional 53,997 shares in the last quarter. D. E. Shaw & Co. Inc. bought a new position in Covenant Transportation Group during the 4th quarter worth $1,295,000. First Trust Advisors LP raised its position in Covenant Transportation Group by 18.7% during the 4th quarter. First Trust Advisors LP now owns 22,201 shares of the transportation company’s stock worth $426,000 after purchasing an additional 3,496 shares during the last quarter. American Century Companies Inc. raised its position in Covenant Transportation Group by 3.3% during the 4th quarter. American Century Companies Inc. now owns 78,666 shares of the transportation company’s stock worth $1,510,000 after purchasing an additional 2,546 shares during the last quarter. Finally, Martingale Asset Management L P raised its position in Covenant Transportation Group by 13.5% during the 4th quarter. Martingale Asset Management L P now owns 50,532 shares of the transportation company’s stock worth $972,000 after purchasing an additional 6,001 shares during the last quarter. 65.64% of the stock is currently owned by institutional investors.

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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