Covenant Logistics Group (NYSE:CVLG) Stock Price Down 8.3% – Should You Sell?

Covenant Logistics Group, Inc. (NYSE:CVLG) shares dropped 8.3% during mid-day trading on Friday . The stock traded as low as $26.36 and last traded at $26.44. Approximately 71,849 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 167,444 shares. The stock had previously closed at $28.84.

Analyst Ratings Changes

Several research analysts have recently weighed in on CVLG shares. Wall Street Zen upgraded Covenant Logistics Group from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Zacks Research downgraded shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Covenant Logistics Group Stock Down 7.8%

The stock has a fifty day simple moving average of $26.74 and a two-hundred day simple moving average of $23.46. The firm has a market cap of $666.08 million, a PE ratio of 120.87 and a beta of 1.16. The company has a current ratio of 1.11, a quick ratio of 0.98 and a debt-to-equity ratio of 0.59.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.70%. The firm had revenue of $295.37 million for the quarter.

Insider Activity at Covenant Logistics Group

In related news, CEO David Ray Parker sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $29.67, for a total transaction of $2,967,000.00. Following the transaction, the chief executive officer directly owned 2,197,944 shares of the company’s stock, valued at approximately $65,212,998.48. This trade represents a 4.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 438,800 shares of company stock valued at $12,826,748. 35.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds have recently made changes to their positions in the business. Quarry LP bought a new position in Covenant Logistics Group in the third quarter worth about $33,000. BNP Paribas Financial Markets raised its position in shares of Covenant Logistics Group by 45.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after acquiring an additional 487 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Covenant Logistics Group in the 2nd quarter valued at approximately $39,000. Tower Research Capital LLC TRC grew its stake in Covenant Logistics Group by 127.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after purchasing an additional 1,103 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after purchasing an additional 2,361 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Company Profile

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.