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

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

Wall Street Analysts Forecast Growth

CVLG has been the topic of several recent analyst reports. TD Cowen reduced their target price on Covenant Logistics Group from $35.00 to $34.50 and set a "buy" rating on the stock in a report on Friday, October 25th. Stephens restated an "overweight" rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday, January 24th.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of Covenant Logistics Group stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $29.82, for a total transaction of $417,480.00. Following the sale, the director now directly owns 93,984 shares of the company's stock, valued at approximately $2,802,602.88. The trade was a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 36.50% of the company's stock.

Institutional Trading of Covenant Logistics Group

Several hedge funds have recently modified their holdings of CVLG. Renaissance Technologies LLC boosted its stake in Covenant Logistics Group by 27.2% in the second quarter. Renaissance Technologies LLC now owns 43,000 shares of the company's stock valued at $2,119,000 after acquiring an additional 9,200 shares during the last quarter. Marshall Wace LLP boosted its stake in Covenant Logistics Group by 15.8% in the second quarter. Marshall Wace LLP now owns 18,908 shares of the company's stock valued at $932,000 after acquiring an additional 2,573 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Covenant Logistics Group by 115.3% in the second quarter. Cubist Systematic Strategies LLC now owns 18,583 shares of the company's stock valued at $916,000 after acquiring an additional 9,950 shares during the last quarter. AQR Capital Management LLC boosted its stake in Covenant Logistics Group by 0.3% in the second quarter. AQR Capital Management LLC now owns 74,704 shares of the company's stock valued at $3,682,000 after acquiring an additional 236 shares during the last quarter. Finally, Algert Global LLC bought a new position in Covenant Logistics Group in the second quarter valued at approximately $275,000. 83.72% of the stock is owned by institutional investors.

Covenant Logistics Group Price Performance

Shares of CVLG traded up $0.03 during mid-day trading on Wednesday, hitting $28.67. 15,601 shares of the company traded hands, compared to its average volume of 123,807. Covenant Logistics Group has a one year low of $21.51 and a one year high of $30.77. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average of $28.61 and a 200 day moving average of $27.20. The stock has a market capitalization of $755.61 million, a price-to-earnings ratio of 18.86 and a beta of 1.41.

Covenant Logistics Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a dividend of $0.055 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.22 annualized dividend and a dividend yield of 0.77%. Covenant Logistics Group's dividend payout ratio (DPR) is currently 14.47%.

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.

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