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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 86,600 shares, a decrease of 8.0% from the October 15th total of 94,100 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 52,600 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analyst Weigh In

Separately, TD Cowen lowered their price objective on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Friday, October 25th.

Insider Buying and Selling at Covenant Logistics Group

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Huntington National Bank purchased a new position in shares of Covenant Logistics Group in the third quarter valued at approximately $27,000. CWM LLC grew its stake in Covenant Logistics Group by 2,336.4% during the 2nd quarter. CWM LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 514 shares in the last quarter. Innealta Capital LLC purchased a new stake in Covenant Logistics Group during the 2nd quarter worth about $27,000. Quantbot Technologies LP acquired a new stake in Covenant Logistics Group in the 3rd quarter valued at about $64,000. Finally, nVerses Capital LLC boosted its stake in shares of 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 currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Trading Down 0.7 %

NASDAQ CVLG traded down $0.41 during trading hours on Tuesday, reaching $56.83. The company had a trading volume of 2,988 shares, compared to its average volume of 61,969. Covenant Logistics Group has a 1-year low of $40.84 and a 1-year high of $61.54. The stock has a market capitalization of $749.02 million, a P/E ratio of 18.83 and a beta of 1.35. The stock has a 50-day moving average of $53.28 and a 200 day moving average of $50.93. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

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

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.