Company shares are trading at $29.70 just a bit higher than $27.36, the stock’s 50 day moving average and which is significantly higher than the 200 day moving average of $21.11. The 50 day moving average was up by +8.56% and the 200 day average was up $8.59. Trading was heavy with 237K shares changing hands on Tuesday. Overall, volume was up 25.46% over the stocks normal daily volume.
Traders are feeling more bullish on Covenant Transportation Group, of late if you take note of the downtick in short interest. The firm experienced a fall in short interest from September 29, 2017 to October 13, 2017 of -6.60%. Short interest decreased 26,324 over that period. The short-interest ratio decreased to 4.0 and the short interest percentage is 0.02% as of October 13.
Covenant Transportation Group, (NASDAQ:CVTI) has been the object of insider selling activity recently. Joey B. Hogan, PRESIDENT sold $125,150 worth of shares at an average price of $25.03 on September 7th. The PRESIDENT now owns $1,387,388 of the stock as recorded in a recent Form 4 SEC filing. Executive VP and Secretary Ralph H. Jr Lovin disclosed the sale of 8,922 shares of CVTI stock. The shares were sold on September 7th for an average price of $25.48. The Executive VP and Secretary now owns $1,181,533 of the stock per the Form 4 SEC filing.
These firms have modified their investment in CVTI. As of quarter end Meeder Asset Management Inc had bought a total of 15 shares growing its position 25.9%. The value of the investment in CVTI went from $1,000 to $2,000 a change of $1,000 quarter to quarter. As of the end of the quarter Mutual Of America Capital Management LLC had disposed of 234,275 shares trimming its stake by 63.9%. The value of the total investment in Covenant Transportation Group, decreased from $6,428,000 to $3,838,000 a change of 40.3% for the reporting period.
Nationwide Fund Advisors cut its holdings by selling 15,900 shares a decrease of 61.0% from 06/30/2017 to 09/30/2017. Nationwide Fund Advisors now controls 10,166 shares with a value of $295,000. The total value of its holdings decreased 35.4%. As of the end of the quarter Victory Capital Management Inc had disposed of a total of 4,081 shares trimming its holdings by 5.7%. The value of the company’s investment in Covenant Transportation Group, increased from $1,259,000 to $1,963,000 increasing 55.9% since the last quarter.
The company’s P/E ratio is 53.13 and the market cap is 543.12M. As of the latest earnings report the EPS was $0.56 and is projected to be $0.84 for the current year with 18,287,000 shares outstanding. Next quarter’s EPS is forecasted at $0.09 with next year’s EPS projected to be $1.38.
Covenant Transportation Group, Inc., launched on May 24, 1994, is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Business’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Business’s segments include Truckload and Other. The Truckload segment includes the operations of Covenant Transport, Inc. (Covenant Transport), its flagship operation, which provides expedited long haul, dedicated, temperature-controlled and regional solo-driver service; Southern Refrigerated Transport, Inc. (SRT), which provides primarily long haul, regional, dedicated and intermodal temperature-controlled service, and Star Transportation, Inc. (Star), which provides regional solo-driver and dedicated services, primarily in the southeastern United States. The Company generally transports full trailer loads of freight from origin to destination without intermediate stops or handling. The Company provides truckload transportation services throughout the continental United States, into and out of Mexico, and into and out of portions of Canada..