Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Grows By 20.7%

Covenant Logistics Group, Inc. (NASDAQ:CVLG – Get Rating) was the recipient of a significant growth in short interest in April. As of April 30th, there was short interest totalling 246,500 shares, a growth of 20.7% from the April 15th total of 204,200 shares. Based on an average daily trading volume, of 105,100 shares, the short-interest ratio is currently 2.3 days. Currently, 2.3% of the shares of the stock are short sold.

Covenant Logistics Group stock opened at $22.17 on Wednesday. The firm’s 50 day simple moving average is $21.20 and its 200 day simple moving average is $23.20. The company has a current ratio of 1.30, a quick ratio of 1.27 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $345.85 million, a PE ratio of 5.22 and a beta of 1.47. Covenant Logistics Group has a 1-year low of $17.23 and a 1-year high of $34.75.

Covenant Logistics Group (NASDAQ:CVLG – Get Rating) last issued its quarterly earnings results on Wednesday, April 27th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.49. Covenant Logistics Group had a net margin of 6.43% and a return on equity of 22.45%. The firm had revenue of $291.59 million for the quarter, compared to analyst estimates of $276.60 million. During the same quarter in the prior year, the firm earned $0.56 EPS. Research analysts forecast that Covenant Logistics Group will post 4.11 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in CVLG. First Horizon Advisors Inc. lifted its position in Covenant Logistics Group by 0.9% during the 4th quarter. First Horizon Advisors Inc. now owns 202,604 shares of the company’s stock valued at $5,355,000 after acquiring an additional 1,769 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Covenant Logistics Group in the third quarter worth approximately $233,000. SG Americas Securities LLC purchased a new position in shares of Covenant Logistics Group in the third quarter worth approximately $259,000. Franklin Resources Inc. purchased a new position in shares of Covenant Logistics Group in the third quarter worth approximately $657,000. Finally, Martingale Asset Management L P boosted its holdings in shares of Covenant Logistics Group by 239.9% in the third quarter. Martingale Asset Management L P now owns 48,661 shares of the company’s stock worth $1,346,000 after buying an additional 34,346 shares during the last quarter. 51.03% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Covenant Logistics Group from a “sell” rating to a “hold” rating in a report on Monday, May 2nd. Cowen lowered shares of Covenant Logistics Group from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $40.00 to $21.00 in a report on Thursday, April 14th. Cowen lowered shares of Covenant Logistics Group from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $40.00 to $21.00 in a report on Thursday, April 14th. Wolfe Research decreased their price target on shares of Covenant Logistics Group from $21.00 to $20.00 and set an “underperform” rating for the company in a research note on Tuesday, April 5th. Finally, Stephens downgraded shares of Covenant Logistics Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $30.00 to $25.00 in a research note on Friday, April 1st. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, Covenant Logistics Group has a consensus rating of “Hold” and a consensus price target of $22.00.

About Covenant Logistics Group (Get Rating)

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.

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