Covenant Transportation Group (NASDAQ:CVTI) Upgraded at BidaskClub

BidaskClub upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a sell rating to a hold rating in a research report sent to investors on Thursday, BidAskClub reports.

Other equities research analysts also recently issued reports about the company. Cowen reiterated an outperform rating and issued a $21.00 target price (down from $24.00) on shares of Covenant Transportation Group in a report on Wednesday, July 17th. Zacks Investment Research upgraded Covenant Transportation Group from a sell rating to a hold rating in a report on Monday, June 17th. Wolfe Research upgraded Covenant Transportation Group from an underperform rating to a peer perform rating in a report on Friday, June 28th. ValuEngine upgraded Covenant Transportation Group from a sell rating to a hold rating in a report on Thursday, August 1st. Finally, Stephens started coverage on Covenant Transportation Group in a report on Monday, July 1st. They issued a hold rating for the company. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $24.67.

Shares of CVTI stock opened at $13.94 on Thursday. The company has a market cap of $271.33 million, a P/E ratio of 6.68 and a beta of 1.56. The stock has a 50 day simple moving average of $14.81 and a two-hundred day simple moving average of $18.10. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.67 and a current ratio of 1.70. Covenant Transportation Group has a fifty-two week low of $13.27 and a fifty-two week high of $32.34.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Wednesday, July 24th. The transportation company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The business 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%. On average, research analysts predict that Covenant Transportation Group will post 1.5 earnings per share for the current year.

In other news, Director Robert E. Bosworth acquired 5,000 shares of Covenant Transportation Group stock in a transaction on Friday, May 31st. The stock was purchased at an average price of $15.00 per share, with a total value of $75,000.00. Following the completion of the purchase, the director now owns 78,451 shares of the company’s stock, valued at approximately $1,176,765. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 31.60% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CVTI. Geode Capital Management LLC grew its stake in Covenant Transportation Group by 16.7% in the fourth quarter. Geode Capital Management LLC now owns 147,720 shares of the transportation company’s stock valued at $2,835,000 after acquiring an additional 21,086 shares during the period. Bank of America Corp DE grew its stake in Covenant Transportation Group by 93.2% in the fourth quarter. Bank of America Corp DE now owns 29,356 shares of the transportation company’s stock valued at $564,000 after acquiring an additional 14,165 shares during the period. Metropolitan Life Insurance Co. NY grew its stake in Covenant Transportation Group by 400.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock valued at $85,000 after acquiring an additional 3,554 shares during the period. Deutsche Bank AG grew its stake in Covenant Transportation Group by 227.8% in the fourth quarter. Deutsche Bank AG now owns 82,534 shares of the transportation company’s stock valued at $1,583,000 after acquiring an additional 57,353 shares during the period. Finally, First Quadrant L P CA grew its stake in Covenant Transportation Group by 42.7% in the first quarter. First Quadrant L P CA now owns 18,827 shares of the transportation company’s stock valued at $357,000 after acquiring an additional 5,633 shares during the period. 62.80% of the stock is owned by hedge funds and other 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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