Covenant Transportation Group (NASDAQ:CVTI) Upgraded at BidaskClub

Covenant Transportation Group (NASDAQ:CVTI) was upgraded by stock analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Saturday, June 29th, BidAskClub reports.

Several other research firms have also recently issued reports on CVTI. Zacks Investment Research cut Forward Air from a “hold” rating to a “sell” rating in a research note on Monday, June 17th. Wolfe Research raised Covenant Transportation Group from an “underperform” rating to a “peer perform” rating in a research note on Friday, June 28th. ValuEngine upgraded ZEALAND PHARMA/S from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Cowen restated an “outperform” rating and issued a $28.00 price objective (down previously from $30.00) on shares of Pure Storage in a report on Wednesday, May 22nd. Finally, Stephens restated a “hold” rating and issued a $35.00 price objective on shares of CBTX in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $24.67.

CVTI traded up $0.30 during trading on Friday, reaching $14.76. 100,295 shares of the company were exchanged, compared to its average volume of 177,055. The firm has a market capitalization of $271.11 million, a PE ratio of 6.25 and a beta of 1.57. The business’s 50 day moving average price is $14.64. 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 has a 52 week low of $13.27 and a 52 week high of $32.34.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Thursday, April 25th. The transportation company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a return on equity of 13.27% and a net margin of 4.57%. The firm had revenue of $219.18 million during the quarter, compared to the consensus estimate of $226.90 million. On average, analysts forecast that Covenant Transportation Group will post 1.62 earnings per share for the current year.

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

Institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its stake in shares of Covenant Transportation Group by 11.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 29,547 shares of the transportation company’s stock valued at $434,000 after acquiring an additional 3,033 shares during the last quarter. Campbell & CO Investment Adviser LLC lifted its stake in shares of Covenant Transportation Group by 8.0% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 13,856 shares of the transportation company’s stock valued at $204,000 after acquiring an additional 1,029 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of Covenant Transportation Group in the 2nd quarter valued at $212,000. Alambic Investment Management L.P. lifted its stake in shares of Covenant Transportation Group by 73.5% in the 1st quarter. Alambic Investment Management L.P. now owns 33,531 shares of the transportation company’s stock valued at $636,000 after acquiring an additional 14,200 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Covenant Transportation Group by 164.8% in the 1st quarter. Acadian Asset Management LLC now owns 45,731 shares of the transportation company’s stock valued at $867,000 after acquiring an additional 28,464 shares during the last quarter. 65.43% of the stock is owned by hedge funds and other institutional investors.

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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