Covenant Transportation Group, Inc. (NASDAQ:CVTI) was the target of a large growth in short interest in January. As of January 31st, there was short interest totalling 791,300 shares, a growth of 29.5% from the January 15th total of 611,100 shares. Currently, 6.2% of the company’s stock are sold short. Based on an average daily volume of 135,500 shares, the short-interest ratio is currently 5.8 days.

Several large investors have recently added to or reduced their stakes in CVTI. Royal Bank of Canada lifted its stake 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 valued at $29,000 after acquiring an additional 1,802 shares in the last quarter. Citigroup Inc. increased its position in shares of Covenant Transportation Group by 53.8% during the 4th quarter. Citigroup Inc. now owns 2,625 shares of the transportation company’s stock worth $34,000 after purchasing an additional 918 shares during the last quarter. United Services Automobile Association increased its position in shares of Covenant Transportation Group by 25.0% during the 2nd quarter. United Services Automobile Association now owns 12,981 shares of the transportation company’s stock worth $191,000 after purchasing an additional 2,594 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Covenant Transportation Group by 48.0% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 16,480 shares of the transportation company’s stock worth $242,000 after purchasing an additional 5,343 shares during the last quarter. Finally, 1492 Capital Management LLC acquired a new position in shares of Covenant Transportation Group during the 4th quarter worth approximately $263,000. Institutional investors and hedge funds own 63.02% of the company’s stock.

Several equities analysts have recently weighed in on CVTI shares. Zacks Investment Research cut Covenant Transportation Group from a “hold” rating to a “strong sell” rating in a report on Friday, January 17th. Stifel Nicolaus cut Covenant Transportation Group from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Wednesday, October 30th. BidaskClub upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Cowen cut their price objective on Covenant Transportation Group from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, Wolfe Research upgraded Covenant Transportation Group from a “peer perform” rating to an “outperform” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Covenant Transportation Group has an average rating of “Hold” and a consensus target price of $20.67.

NASDAQ:CVTI opened at $13.81 on Friday. Covenant Transportation Group has a fifty-two week low of $11.97 and a fifty-two week high of $24.99. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.61 and a quick ratio of 1.58. The stock has a market capitalization of $246.44 million, a PE ratio of 30.02 and a beta of 1.59. The business’s 50-day simple moving average is $13.25 and its 200-day simple moving average is $14.57.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Thursday, January 23rd. The transportation company reported $0.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.05. Covenant Transportation Group had a return on equity of 3.42% and a net margin of 0.95%. The business had revenue of $233.14 million for the quarter, compared to analysts’ expectations of $225.20 million. On average, research analysts expect that Covenant Transportation Group will post 0.88 earnings per share for the current year.

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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