Covenant Transportation Group (NASDAQ:CVTI) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday.
Several other equities research analysts also recently commented on the company. TheStreet raised Covenant Transportation Group from a “c+” rating to a “b” rating in a report on Thursday, October 19th. Zacks Investment Research raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Friday, September 15th. ValuEngine downgraded Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Cowen reissued a “hold” rating and issued a $25.50 price objective on shares of Covenant Transportation Group in a report on Tuesday, October 24th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $27.50.
Covenant Transportation Group (CVTI) traded down $0.33 during midday trading on Friday, hitting $27.09. The stock had a trading volume of 96,441 shares, compared to its average volume of 90,687. The firm has a market cap of $501.51, a P/E ratio of 39.26 and a beta of 1.68. The company has a current ratio of 1.66, a quick ratio of 1.62 and a debt-to-equity ratio of 0.77. Covenant Transportation Group has a 12 month low of $15.86 and a 12 month high of $30.60.
In related news, COO Samuel F. Hough sold 2,000 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $30.00, for a total value of $60,000.00. Following the sale, the chief operating officer now owns 62,763 shares in the company, valued at approximately $1,882,890. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 4,000 shares of the stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $28.43, for a total value of $113,720.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 512,826 shares of company stock worth $15,000,875. 35.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC bought a new stake in Covenant Transportation Group in the 3rd quarter valued at $583,000. Essex Investment Management Co. LLC bought a new stake in Covenant Transportation Group in the 3rd quarter valued at $2,367,000. Susquehanna International Group LLP raised its stake in Covenant Transportation Group by 216.8% in the 3rd quarter. Susquehanna International Group LLP now owns 11,684 shares of the transportation company’s stock valued at $339,000 after acquiring an additional 21,684 shares during the period. Nationwide Fund Advisors raised its stake in Covenant Transportation Group by 156.4% in the 2nd quarter. Nationwide Fund Advisors now owns 26,066 shares of the transportation company’s stock valued at $457,000 after acquiring an additional 15,900 shares during the period. Finally, GSA Capital Partners LLP raised its stake in Covenant Transportation Group by 48.9% in the 3rd quarter. GSA Capital Partners LLP now owns 59,395 shares of the transportation company’s stock valued at $1,721,000 after acquiring an additional 19,500 shares during the period. Institutional investors and hedge funds own 63.29% of the company’s stock.
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About Covenant Transportation Group
Covenant Transportation Group, Inc is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Company’s segments include Truckload and Other.
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