Covenant Transportation Group, Inc. (NASDAQ:CVTI) was the recipient of a large decline in short interest in March. As of March 29th, there was short interest totalling 386,838 shares, a decline of 28.3% from the March 15th total of 539,508 shares. Based on an average daily trading volume, of 192,739 shares, the days-to-cover ratio is currently 2.0 days. Approximately 3.1% of the company’s stock are short sold.

Institutional investors have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can bought a new position in Covenant Transportation Group in the 4th quarter valued at about $51,000. Metropolitan Life Insurance Co. NY raised its holdings in Covenant Transportation Group by 400.7% in the 4th 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. Weiss Multi Strategy Advisers LLC bought a new position in Covenant Transportation Group in the 4th quarter valued at about $192,000. Royce & Associates LP bought a new position in Covenant Transportation Group in the 4th quarter valued at about $250,000. Finally, First Quadrant L P CA bought a new position in Covenant Transportation Group in the 4th quarter valued at about $253,000. 64.17% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CVTI stock opened at $19.94 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $370.89 million, a PE ratio of 8.45 and a beta of 1.60. Covenant Transportation Group has a 52-week low of $18.13 and a 52-week high of $35.19.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Wednesday, January 23rd. The transportation company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.16. The company had revenue of $272.27 million for the quarter, compared to analysts’ expectations of $269.20 million. Covenant Transportation Group had a net margin of 4.80% and a return on equity of 13.57%. As a group, equities analysts forecast that Covenant Transportation Group will post 2.11 earnings per share for the current year.

Several equities research analysts have commented on the stock. Zacks Investment Research cut shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. ValuEngine cut shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research report on Friday, March 15th. Stephens set a $25.00 target price on shares of Covenant Transportation Group and gave the company a “buy” rating in a report on Tuesday, March 19th. Cowen reaffirmed a “market perform” rating and issued a $23.00 target price (down from $27.00) on shares of Covenant Transportation Group in a report on Tuesday, March 19th. Finally, BidaskClub raised shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a report on Friday, January 25th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Covenant Transportation Group has a consensus rating of “Hold” and a consensus target price of $28.00.

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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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