Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Decreases By 8.0%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 86,600 shares, a decline of 8.0% from the October 15th total of 94,100 shares. Based on an average trading volume of 52,600 shares, the short-interest ratio is presently 1.6 days. Approximately 1.1% of the shares of the stock are sold short.

Insider Buying and Selling at Covenant Logistics Group

In other news, Director Bradley A. Moline sold 7,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the sale, the director now directly owns 46,992 shares in the company, valued at $2,802,602.88. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 36.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Several large investors have recently added to or reduced their stakes in CVLG. CWM LLC boosted its position in Covenant Logistics Group by 2,336.4% in the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock valued at $26,000 after buying an additional 514 shares during the period. Innealta Capital LLC purchased a new stake in Covenant Logistics Group in the 2nd quarter valued at about $27,000. Huntington National Bank purchased a new stake in Covenant Logistics Group in the 3rd quarter valued at about $27,000. Quantbot Technologies LP purchased a new stake in Covenant Logistics Group in the 3rd quarter valued at about $64,000. Finally, nVerses Capital LLC boosted its position in Covenant Logistics Group by 550.0% in the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock valued at $69,000 after buying an additional 1,100 shares during the period. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Trading Down 1.0 %

NASDAQ:CVLG traded down $0.60 during mid-day trading on Monday, hitting $57.24. 35,739 shares of the stock traded hands, compared to its average volume of 62,234. The stock has a market capitalization of $754.42 million, a price-to-earnings ratio of 19.03 and a beta of 1.35. Covenant Logistics Group has a 52 week low of $40.84 and a 52 week high of $61.54. The firm’s 50 day moving average is $53.17 and its two-hundred day moving average is $50.85. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.08 by $0.01. The company had revenue of $287.89 million for the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same quarter in the previous year, the company posted $1.13 earnings per share. On average, equities research analysts predict that Covenant Logistics Group will post 4 earnings per share for the current year.

Analysts Set New Price Targets

Separately, TD Cowen reduced their target price on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Friday, October 25th.

Covenant Logistics Group Company Profile

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.