Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Grows By 106.4%

Covenant Logistics Group, Inc. (NASDAQ:CVLG) was the target of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 97,400 shares, an increase of 106.4% from the December 31st total of 47,200 shares. Based on an average trading volume of 108,400 shares, the short-interest ratio is currently 0.9 days.

Insider Buying and Selling

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of Covenant Logistics Group stock in a transaction on Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the sale, the director now directly owns 93,984 shares in the company, valued at approximately $2,802,602.88. The trade was a 12.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 36.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in shares of Covenant Logistics Group by 0.3% during the 2nd quarter. AQR Capital Management LLC now owns 74,704 shares of the company’s stock worth $3,682,000 after buying an additional 236 shares during the period. Townsquare Capital LLC boosted its holdings in shares of Covenant Logistics Group by 7.8% during the 3rd quarter. Townsquare Capital LLC now owns 4,921 shares of the company’s stock worth $260,000 after buying an additional 357 shares during the period. Huntington National Bank bought a new stake in shares of Covenant Logistics Group during the 3rd quarter worth about $27,000. nVerses Capital LLC boosted its holdings in shares of Covenant Logistics Group by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after buying an additional 1,100 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of Covenant Logistics Group by 34.0% during the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company’s stock worth $257,000 after buying an additional 1,196 shares during the period. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Stock Performance

Shares of CVLG traded up $0.03 during midday trading on Wednesday, reaching $28.67. The stock had a trading volume of 15,601 shares, compared to its average volume of 123,807. The firm has a 50 day simple moving average of $28.61 and a 200-day simple moving average of $27.20. Covenant Logistics Group has a one year low of $21.51 and a one year high of $30.77. The firm has a market cap of $755.61 million, a PE ratio of 18.86 and a beta of 1.41. 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 Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend was Friday, December 6th. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.47%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. TD Cowen lowered their price target on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research note on Friday, October 25th. Stephens reissued an “overweight” rating and issued a $36.00 price objective on shares of Covenant Logistics Group in a research report on Friday, January 24th.

About Covenant Logistics Group

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.