Covenant Logistics Group (NYSE:CVLG) Shares Gap Up – Here’s Why

Covenant Logistics Group, Inc. (NYSE:CVLG) gapped up before the market opened on Friday . The stock had previously closed at $31.95, but opened at $33.75. Covenant Logistics Group shares last traded at $33.81, with a volume of 5,405 shares.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. TD Cowen raised their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Finally, Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $35.00.

Covenant Logistics Group Price Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04. The stock has a 50 day moving average of $29.17 and a two-hundred day moving average of $25.70. The firm has a market capitalization of $877.30 million, a P/E ratio of 233.20 and a beta of 1.28.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.09). The business had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. Sell-side analysts predict that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director D Michael Kramer sold 2,650 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total value of $92,008.00. Following the transaction, the director directly owned 22,086 shares of the company’s stock, valued at $766,825.92. The trade was a 10.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joey B. Hogan sold 14,700 shares of Covenant Logistics Group stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the transaction, the director directly owned 104,094 shares in the company, valued at approximately $3,618,307.44. This represents a 12.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 267,750 shares of company stock valued at $7,980,052 in the last three months. Company insiders own 36.70% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors have recently modified their holdings of CVLG. Quarry LP acquired a new stake in shares of Covenant Logistics Group during the 3rd quarter worth approximately $33,000. BNP Paribas Financial Markets grew its holdings in shares of Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after purchasing an additional 487 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Covenant Logistics Group during the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC grew its holdings in shares of Covenant Logistics Group by 127.1% during the 2nd 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 in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Covenant Logistics Group by 204.6% during the 4th 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. Institutional investors and hedge funds own 83.72% of the company’s stock.

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.