Covenant Logistics Group (NYSE:CVLG) Cut to "Hold" at Wall Street Zen

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 research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday.

Covenant Logistics Group Price Performance

Shares of NYSE CVLG traded up $0.33 during mid-day trading on Friday, hitting $24.13. 73,442 shares of the stock were exchanged, compared to its average volume of 67,639. The company has a market cap of $603.73 million, a P/E ratio of 18.42 and a beta of 1.42. The stock's fifty day simple moving average is $24.41 and its two-hundred day simple moving average is $23.02. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. Covenant Logistics Group has a twelve month low of $17.46 and a twelve month high of $30.77.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MAI Capital Management raised its stake in shares of Covenant Logistics Group by 100.0% in the first quarter. MAI Capital Management now owns 1,500 shares of the company's stock worth $33,000 after acquiring an additional 750 shares during the last quarter. BNP Paribas Financial Markets raised its position in Covenant Logistics Group by 45.3% in 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 during the last quarter. Raymond James Financial Inc. bought a new position in Covenant Logistics Group in the 2nd quarter worth approximately $39,000. GAMMA Investing LLC lifted its holdings in Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after buying an additional 1,586 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted 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 valued at $48,000 after buying an additional 1,103 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

About Covenant Logistics Group

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.