Covenant Transportation Group (CVTI) Cut to “Sell” at ValuEngine

Covenant Transportation Group (NASDAQ:CVTI) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Monday.

Other analysts have also recently issued reports about the company. Stephens reaffirmed a “buy” rating and set a $35.00 price objective on shares of Covenant Transportation Group in a research report on Friday, July 27th. BidaskClub cut Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Finally, Wolfe Research cut Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research report on Friday, October 5th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $36.60.

Covenant Transportation Group stock traded down $0.37 during trading hours on Monday, hitting $24.64. 160,363 shares of the stock traded hands, compared to its average volume of 165,799. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.80 and a current ratio of 2.84. The stock has a market cap of $458.76 million, a price-to-earnings ratio of 29.33 and a beta of 1.42. Covenant Transportation Group has a one year low of $23.89 and a one year high of $35.19.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.05. The business had revenue of $196.32 million for the quarter, compared to analysts’ expectations of $199.25 million. Covenant Transportation Group had a return on equity of 9.77% and a net margin of 9.09%. On average, analysts predict that Covenant Transportation Group will post 2.13 earnings per share for the current year.

In other news, President Joey B. Hogan sold 7,300 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $30.01, for a total value of $219,073.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 33.10% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new stake in shares of Covenant Transportation Group in the 2nd quarter worth approximately $166,000. Meeder Asset Management Inc. boosted its position in shares of Covenant Transportation Group by 711.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,339 shares of the transportation company’s stock worth $200,000 after purchasing an additional 5,558 shares in the last quarter. Bailard Inc. bought a new stake in shares of Covenant Transportation Group in the 2nd quarter worth approximately $233,000. Element Capital Management LLC bought a new stake in shares of Covenant Transportation Group in the 1st quarter worth approximately $223,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Covenant Transportation Group in the 1st quarter worth approximately $225,000. 65.33% of the stock is currently owned by hedge funds and other institutional investors.

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 long haul, dedicated, temperature-controlled, and regional solo-driver services; long haul, regional, dedicated, and intermodal temperature-controlled services; and regional solo-driver and dedicated services.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Covenant Transportation Group (NASDAQ:CVTI)

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