Covenant Transportation Group (NASDAQ:CVTI) Upgraded to “Peer Perform” at Wolfe Research

Wolfe Research upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from an underperform rating to a peer perform rating in a research report released on Friday, June 28th, Stock Target Advisor reports.

Several other research analysts also recently commented on CVTI. BidaskClub downgraded Virtu Financial from a sell rating to a strong sell rating in a research note on Wednesday, June 12th. ValuEngine raised ZEALAND PHARMA/S from a sell rating to a hold rating in a research note on Friday, March 15th. Stephens reissued a hold rating and set a $35.00 target price on shares of CBTX in a research note on Wednesday, May 1st. Cowen reissued an outperform rating and set a $28.00 target price (down previously from $30.00) on shares of Pure Storage in a research note on Wednesday, May 22nd. Finally, Zacks Investment Research downgraded Forward Air from a hold rating to a sell rating in a research note on Monday, June 17th. One 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 stock. The stock currently has a consensus rating of Hold and a consensus price target of $24.67.

CVTI stock traded up $0.30 during midday trading on Friday, reaching $14.76. 100,295 shares of the company were exchanged, compared to its average volume of 177,055. The stock’s 50-day simple moving average is $14.64. The firm has a market capitalization of $265.60 million, a price-to-earnings ratio of 6.25 and a beta of 1.57. Covenant Transportation Group has a one year low of $13.27 and a one year high of $32.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.67.

Covenant Transportation Group (NASDAQ:CVTI) last announced its earnings results on Thursday, April 25th. The transportation company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a net margin of 4.57% and a return on equity of 13.27%. The company had revenue of $219.18 million during the quarter, compared to analysts’ expectations of $226.90 million. On average, research analysts expect that Covenant Transportation Group will post 1.88 EPS for the current year.

In related news, Director Robert E. Bosworth bought 5,000 shares of Covenant Transportation Group stock in a transaction that occurred on Friday, May 31st. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $75,000.00. Following the completion of the acquisition, the director now directly owns 78,451 shares of the company’s stock, valued at approximately $1,176,765. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 31.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of CVTI. LSV Asset Management boosted its holdings in shares of Covenant Transportation Group by 289.6% during the 1st quarter. LSV Asset Management now owns 383,084 shares of the transportation company’s stock worth $7,270,000 after buying an additional 284,748 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Covenant Transportation Group by 81.7% during the 4th quarter. Millennium Management LLC now owns 167,041 shares of the transportation company’s stock worth $3,207,000 after buying an additional 75,128 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Covenant Transportation Group by 7.8% during the 4th quarter. BlackRock Inc. now owns 1,008,481 shares of the transportation company’s stock worth $19,361,000 after buying an additional 72,933 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Covenant Transportation Group by 129.1% during the 4th quarter. Prudential Financial Inc. now owns 125,651 shares of the transportation company’s stock worth $2,412,000 after buying an additional 70,817 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Covenant Transportation Group during the 4th quarter worth approximately $1,295,000. Hedge funds and other institutional investors own 65.43% of the company’s stock.

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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