Trade Report: The Cowen and Company Lowers Covenant Transportation Group Inc. (CVTI) Price Target to $24.00

The Cowen and Company Lowers Covenant Transportation Group Inc. (CVTI) Price Target to $24.00

Covenant Transportation Group Inc. (NASDAQ:CVTI) had its price target dropped by research analysts at Cowen and Company from $29.00 to $24.00 in a note issued to investors on Friday. The brokerage presently has an “outperform” rating on the stock. Cowen and Company’s target price would suggest a potential upside of 60.32% from the stock’s previous close.

A number of other brokerages have also issued reports on CVTI. BB&T Corp. lowered shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd. Stifel Nicolaus upped their target price on shares of Covenant Transportation Group from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Finally, Zacks Investment Research upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 24th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $26.00.

Covenant Transportation Group (NASDAQ:CVTI) opened at 14.97 on Friday. The stock has a market capitalization of $272.36 million, a PE ratio of 9.47 and a beta of 0.66. The firm’s 50-day moving average is $18.77 and its 200 day moving average is $20.45. Covenant Transportation Group has a 52-week low of $13.60 and a 52-week high of $25.77.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The firm had revenue of $158.80 million for the quarter, compared to analysts’ expectations of $156.62 million. Covenant Transportation Group had a net margin of 4.06% and a return on equity of 13.75%. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 earnings per share. On average, equities analysts forecast that Covenant Transportation Group will post $1.17 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of Covenant Transportation Group during the second quarter valued at $187,000. Alambic Investment Management L.P. acquired a new position in shares of Covenant Transportation Group during the second quarter valued at $190,000. Rhumbline Advisers raised its position in shares of Covenant Transportation Group by 13.3% in the second quarter. Rhumbline Advisers now owns 11,857 shares of the company’s stock valued at $214,000 after buying an additional 1,390 shares in the last quarter. Cowen Group Inc. raised its position in shares of Covenant Transportation Group by 7.1% in the second quarter. Cowen Group Inc. now owns 15,000 shares of the company’s stock valued at $271,000 after buying an additional 1,000 shares in the last quarter. Finally, Palo Capital Inc. acquired a new position in shares of Covenant Transportation Group during the second quarter valued at $312,000. Institutional investors and hedge funds own 65.37% of the company’s stock.

Covenant Transportation Group Company Profile

Related posts

Leave a Comment