Covenant Logistics Group (NYSE:CVLG) Trading Down 11.1% – Time to Sell?

Covenant Logistics Group, Inc. (NYSE:CVLG)’s stock price dropped 11.1% on Thursday . The company traded as low as $36.61 and last traded at $36.89. 156,347 shares were traded during mid-day trading, a decline of 12% from the average session volume of 176,721 shares. The stock had previously closed at $41.50.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CVLG shares. Weiss Ratings upgraded shares of Covenant Logistics Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price target for the company. TD Cowen boosted their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Citigroup assumed coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating for the company. Finally, Wall Street Zen raised Covenant Logistics Group from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Covenant Logistics Group has a consensus rating of “Buy” and a consensus price target of $52.25.

Covenant Logistics Group Stock Performance

The stock has a 50-day moving average of $43.81 and a 200 day moving average of $34.18. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. The stock has a market capitalization of $891.31 million, a price-to-earnings ratio of 321.94 and a beta of 1.29.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $332.87 million for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.15%. On average, analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Insider Buying and Selling

In other Covenant Logistics Group news, EVP Joey Ballard sold 4,000 shares of Covenant Logistics Group stock in a transaction on Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the completion of the sale, the executive vice president owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. The trade was a 23.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joey B. Hogan sold 12,800 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total transaction of $501,504.00. Following the sale, the director owned 91,294 shares of the company’s stock, valued at $3,576,898.92. The trade was a 12.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 24,800 shares of company stock valued at $963,535. 36.70% of the stock is currently owned by insiders.

Institutional Trading of Covenant Logistics Group

Several hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC bought a new position in Covenant Logistics Group during the first quarter worth about $245,000. Quantinno Capital Management LP increased its holdings in shares of Covenant Logistics Group by 61.1% in the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock worth $1,044,000 after acquiring an additional 14,590 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Covenant Logistics Group by 95.8% in the first quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after acquiring an additional 25,331 shares in the last quarter. DGS Capital Management LLC raised its position in shares of Covenant Logistics Group by 8.1% during the first quarter. DGS Capital Management LLC now owns 14,613 shares of the company’s stock worth $397,000 after purchasing an additional 1,092 shares during the period. Finally, 1492 Capital Management LLC bought a new position in shares of Covenant Logistics Group during the 1st quarter valued at about $241,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

About Covenant Logistics Group

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.