Short Interest in Covenant Logistics Group, Inc. (NASDAQ:CVLG) Increases By 37.4%

Covenant Logistics Group, Inc. (NASDAQ:CVLG - Get Free Report) was the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 171,700 shares, a growth of 37.4% from the April 30th total of 125,000 shares. Approximately 1.0% of the company's shares are short sold. Based on an average daily volume of 131,800 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analyst Weigh In

Separately, TD Cowen dropped their target price on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, April 25th.

Covenant Logistics Group Stock Up 2.8%

NASDAQ:CVLG traded up $0.64 during mid-day trading on Tuesday, reaching $23.32. The stock had a trading volume of 138,577 shares, compared to its average volume of 111,235. The company has a market capitalization of $619.12 million, a price-to-earnings ratio of 18.01 and a beta of 1.53. Covenant Logistics Group has a 1-year low of $17.46 and a 1-year high of $30.77. The stock's 50 day simple moving average is $20.98 and its two-hundred day simple moving average is $24.97. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 1.07.

Covenant Logistics Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.07 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.20%. Covenant Logistics Group's payout ratio is currently 20.14%.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,200 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total value of $50,160.00. Following the transaction, the director now directly owns 24,736 shares of the company's stock, valued at $563,980.80. This trade represents a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 35.10% of the company's stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CVLG. Huntington National Bank lifted its position in Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock valued at $52,000 after purchasing an additional 460 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Covenant Logistics Group by 7.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after purchasing an additional 467 shares during the last quarter. Private Advisor Group LLC lifted its position in Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company's stock valued at $249,000 after purchasing an additional 481 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in shares of Covenant Logistics Group by 100.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock worth $77,000 after buying an additional 703 shares during the period. Finally, MAI Capital Management increased its position in Covenant Logistics Group by 100.0% in the 1st quarter. MAI Capital Management now owns 1,500 shares of the company's stock valued at $33,000 after acquiring an additional 750 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.