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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the recipient of a significant decline in short interest in 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. Currently, 1.1% of the shares of the stock are sold short.

Covenant Logistics Group Stock Down 1.0 %

Shares of CVLG stock traded down $0.60 on Monday, reaching $57.24. 35,739 shares of the company’s stock traded hands, compared to its average volume of 62,234. The company has a market capitalization of $754.42 million, a P/E ratio of 19.03 and a beta of 1.35. Covenant Logistics Group has a 12-month low of $40.84 and a 12-month high of $61.54. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The business’s 50 day moving average price is $53.17 and its two-hundred day moving average price is $50.85.

Covenant Logistics Group (NASDAQ:CVLG) last released its earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share 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 return on equity of 13.43% and a net margin of 3.72%. During the same period last year, the firm earned $1.13 EPS. On average, equities analysts forecast that Covenant Logistics Group will post 4 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Covenant Logistics Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Covenant Logistics Group by 132.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,161 shares of the company’s stock valued at $193,000 after acquiring an additional 2,368 shares in the last quarter. BNP Paribas Financial Markets increased its position in Covenant Logistics Group by 296.9% in the 1st quarter. BNP Paribas Financial Markets now owns 8,645 shares of the company’s stock worth $401,000 after purchasing an additional 6,467 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Covenant Logistics Group by 252.6% during the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company’s stock worth $1,346,000 after purchasing an additional 20,805 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new position in Covenant Logistics Group in the first quarter worth approximately $304,000. Finally, Price T Rowe Associates Inc. MD raised its position in Covenant Logistics Group by 7.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,491 shares of the company’s stock valued at $301,000 after acquiring an additional 442 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Analyst Ratings Changes

Separately, TD Cowen reduced their price target on shares of 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.

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.