Covenant Logistics Group (NYSE:CVLG) Downgraded by Wall Street Zen to Hold

Key Points

• Covenant Logistics Group has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a recent research note.
• The company's stock price opened at $24.12, with a market capitalization of approximately $603.48 million and a PE ratio of 18.41.
• Institutional ownership is significant, with 83.72% of the stock held by institutional investors and hedge funds, highlighting strong investor interest.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday.

Covenant Logistics Group Stock Performance

Covenant Logistics Group stock traded up $0.16 during midday trading on Friday, reaching $23.96. The stock had a trading volume of 255 shares, compared to its average volume of 119,529. Covenant Logistics Group has a 12 month low of $17.46 and a 12 month high of $30.77. The firm's 50-day moving average price is $24.41 and its 200 day moving average price is $23.04. The firm has a market capitalization of $599.48 million, a PE ratio of 18.29 and a beta of 1.42. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52.

Institutional Investors Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Covenant Logistics Group by 7.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock valued at $391,000 after buying an additional 467 shares during the period. BNP Paribas Financial Markets increased its position in shares of Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company's stock valued at $38,000 after buying an additional 487 shares during the period. Inspire Investing LLC increased its position in shares of Covenant Logistics Group by 3.5% during the second quarter. Inspire Investing LLC now owns 16,083 shares of the company's stock valued at $388,000 after buying an additional 541 shares during the period. Empowered Funds LLC increased its position in shares of Covenant Logistics Group by 0.4% during the second quarter. Empowered Funds LLC now owns 173,532 shares of the company's stock valued at $4,184,000 after buying an additional 744 shares during the period. Finally, MAI Capital Management increased its position in shares of Covenant Logistics Group by 100.0% during the first quarter. MAI Capital Management now owns 1,500 shares of the company's stock valued at $33,000 after buying an additional 750 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.