Covenant Logistics Group (NYSE:CVLG) Stock Price Down 8.3% – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price was down 8.3% during trading on Friday . The company 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.

Wall Street Analyst Weigh In

CVLG has been the subject of a number of research reports. Zacks Research downgraded Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Finally, Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Covenant Logistics Group Trading Down 8.3%

The company has a debt-to-equity ratio of 0.59, a current ratio of 1.11 and a quick ratio of 0.98. The business has a 50-day moving average of $26.82 and a 200-day moving average of $23.47. The firm has a market cap of $662.24 million, a price-to-earnings ratio of 120.19 and a beta of 1.16.

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

Insider Activity

In other news, CEO David Ray Parker sold 30,400 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $29.18, for a total value of $887,072.00. Following the completion of the sale, the chief executive officer owned 2,047,544 shares of the company’s stock, valued at approximately $59,747,333.92. This represents a 1.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 438,800 shares of company stock worth $12,826,748. Corporate insiders own 35.10% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Quarry LP bought a new position in shares of Covenant Logistics Group in the 3rd quarter valued at about $33,000. BNP Paribas Financial Markets raised its holdings 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 valued at $38,000 after purchasing an additional 487 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at about $39,000. Tower Research Capital LLC TRC lifted its stake in Covenant Logistics Group by 127.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after purchasing an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in Covenant Logistics Group by 204.6% in the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after purchasing an additional 2,361 shares during the last quarter. 83.72% of the stock is owned by institutional investors.

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.