Covenant Logistics Group (NYSE:CVLG) EVP Sells $160,146.80 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) EVP Joey Ballard sold 4,282 shares of Covenant Logistics Group stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $37.40, for a total transaction of $160,146.80. Following the completion of the transaction, the executive vice president owned 20,867 shares of the company’s stock, valued at $780,425.80. This represents a 17.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Joey Ballard also recently made the following trade(s):

• On Tuesday, May 26th, Joey Ballard sold 3,718 shares of Covenant Logistics Group stock. The stock was sold at an average price of $38.00, for a total value of $141,284.00.

Covenant Logistics Group Price Performance

CVLG traded up $0.85 during trading on Wednesday, reaching $39.70. 337,432 shares of the company were exchanged, compared to its average volume of 171,586. Covenant Logistics Group, Inc. has a 12-month low of $18.00 and a 12-month high of $39.79. The company’s 50-day moving average is $30.76 and its two-hundred day moving average is $26.63. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The company has a market cap of $999.25 million, a price-to-earnings ratio of 264.67 and a beta of 1.28.

Covenant Logistics Group (NYSE:CVLG) last posted its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. The company had revenue of $307.16 million for the quarter. Research analysts forecast that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on CVLG. Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Finally, TD Cowen upped their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Covenant Logistics Group has a consensus rating of “Hold” and a consensus target price of $35.00.

Institutional Investors Weigh In On Covenant Logistics Group

Large investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Covenant Logistics Group in the 3rd quarter worth about $33,000. BNP Paribas Financial Markets increased its position 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 valued at $38,000 after purchasing an additional 487 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Covenant Logistics Group during the 2nd quarter valued at about $39,000. Tower Research Capital LLC TRC lifted its position 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 worth $48,000 after buying an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its stake 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 buying an additional 2,361 shares in the last quarter. Hedge funds and other institutional investors 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.