Covenant Transportation Group (NASDAQ:CVTI) Downgraded by BidaskClub

BidaskClub downgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a buy rating to a hold rating in a research report report published on Friday, January 5th.

CVTI has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Covenant Transportation Group from a hold rating to a strong-buy rating and set a $32.00 target price on the stock in a report on Monday, October 16th. ValuEngine downgraded shares of Covenant Transportation Group from a buy rating to a hold rating in a research report on Friday, December 1st. Cowen reissued a hold rating and issued a $25.50 price objective on shares of Covenant Transportation Group in a research report on Tuesday, October 24th. Finally, TheStreet raised shares of Covenant Transportation Group from a c+ rating to a b rating in a research report on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $27.50.

Shares of Covenant Transportation Group (NASDAQ:CVTI) traded up $0.80 during mid-day trading on Friday, hitting $29.06. 121,510 shares of the stock traded hands, compared to its average volume of 102,622. The firm has a market cap of $546.57, a price-to-earnings ratio of 44.03 and a beta of 1.68. Covenant Transportation Group has a 52-week low of $15.86 and a 52-week high of $30.60. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.62 and a current ratio of 1.66.

In other news, CEO David Ray Parker sold 54,219 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $30.04, for a total value of $1,628,738.76. Following the completion of the sale, the chief executive officer now owns 110,580 shares in the company, valued at approximately $3,321,823.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel F. Hough sold 2,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief operating officer now owns 62,763 shares of the company’s stock, valued at approximately $1,882,890. The disclosure for this sale can be found here. Insiders have sold a total of 201,445 shares of company stock worth $6,048,968 over the last three months. 35.20% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in CVTI. Bank of New York Mellon Corp lifted its stake in shares of Covenant Transportation Group by 742.8% in the third quarter. Bank of New York Mellon Corp now owns 520,327 shares of the transportation company’s stock valued at $15,079,000 after purchasing an additional 458,587 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Covenant Transportation Group in the third quarter valued at about $11,686,000. Alliancebernstein L.P. lifted its stake in shares of Covenant Transportation Group by 11.6% in the second quarter. Alliancebernstein L.P. now owns 1,480,296 shares of the transportation company’s stock valued at $25,950,000 after purchasing an additional 153,410 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of Covenant Transportation Group in the third quarter valued at about $2,367,000. Finally, Bank of Montreal Can lifted its stake in shares of Covenant Transportation Group by 17,027.4% in the fourth quarter. Bank of Montreal Can now owns 58,747 shares of the transportation company’s stock valued at $1,688,000 after purchasing an additional 58,404 shares during the period. Institutional investors own 63.63% of the company’s stock.

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About Covenant Transportation Group

Covenant Transportation Group, Inc is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Company’s segments include Truckload and Other.

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