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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a significant decline in short interest in 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. Approximately 1.1% of the company’s stock are short sold. Based on an average trading volume of 52,600 shares, the short-interest ratio is currently 1.6 days.

Covenant Logistics Group Stock Performance

CVLG stock traded down $0.60 on Monday, hitting $57.24. The company had a trading volume of 35,739 shares, compared to its average volume of 62,234. The stock’s 50-day simple moving average is $53.17 and its 200 day simple moving average is $50.85. The stock has a market cap of $754.42 million, a price-to-earnings 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 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 results on Wednesday, October 23rd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.01. The business 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 prior year, the business earned $1.13 EPS. As a group, equities research analysts expect that Covenant Logistics Group will post 4 earnings per share for the current fiscal 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 value of $417,480.00. Following the sale, the director now 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 document filed with the SEC, which can be accessed through the SEC website. 36.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CVLG. Foundry Partners LLC lifted its stake in shares of Covenant Logistics Group by 125.9% during the 2nd quarter. Foundry Partners LLC now owns 184,844 shares of the company’s stock valued at $9,111,000 after buying an additional 103,014 shares in the last quarter. FMR LLC lifted its stake in shares of Covenant Logistics Group by 3,423.0% during the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after buying an additional 44,841 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Covenant Logistics Group by 29.4% during the 2nd quarter. American Century Companies Inc. now owns 114,117 shares of the company’s stock valued at $5,625,000 after buying an additional 25,913 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Covenant Logistics Group by 24.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after buying an additional 21,401 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Covenant Logistics Group by 252.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,041 shares of the company’s stock valued at $1,346,000 after acquiring an additional 20,805 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Wall Street Analyst Weigh In

Separately, TD Cowen dropped 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.