Covenant Logistics Group (NYSE:CVLG) Hits New 12-Month High - Here's What Happened

Key Points

• 52-week high: Covenant Logistics (NYSE:CVLG) reached a new 52-week high of $31.51 on Thursday and last traded around $31.01 on volume of 187,598 shares, with a market cap of about $777.7 million.
• Analyst sentiment: The consensus rating is Hold (one Buy, two Hold) with an average target price of $30.00 after recent mixed actions from Weiss Ratings, Wall Street Zen and Zacks.
• Insider and institutional activity: CEO David Ray Parker sold 30,400 shares on Feb. 20 and insiders have sold 438,800 shares in the last 90 days, while hedge funds and other institutions own roughly 83.7% of the stock and insiders own 36.7%.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $31.51 and last traded at $31.01, with a volume of 187598 shares trading hands. The stock had previously closed at $31.27.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. 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. Finally, Zacks Research upgraded shares of Covenant Logistics Group from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $30.00.

Covenant Logistics Group Stock Down 0.8%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.08 and a current ratio of 1.11. The firm has a market capitalization of $777.73 million, a PE ratio of 140.96 and a beta of 1.15. The company's 50 day simple moving average is $27.96 and its 200-day simple moving average is $24.49.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last posted 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 firm had revenue of $295.37 million during the quarter. On average, analysts forecast that Covenant Logistics Group, Inc. will post 1.7 EPS for the current fiscal year.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 30,400 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $29.18, for a total value of $887,072.00. Following the sale, the chief executive officer directly owned 2,047,544 shares in the company, valued at $59,747,333.92. This represents a 1.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 438,800 shares of company stock valued at $12,826,748. Corporate insiders own 36.70% of the company's stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently bought and sold shares of CVLG. Royal Bank of Canada lifted its stake in Covenant Logistics Group by 90.5% in the 1st quarter. Royal Bank of Canada now owns 24,108 shares of the company's stock worth $535,000 after purchasing an additional 11,454 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Covenant Logistics Group by 97.5% during the 1st quarter. AQR Capital Management LLC now owns 88,761 shares of the company's stock valued at $1,970,000 after buying an additional 43,816 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Covenant Logistics Group by 108.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company's stock valued at $213,000 after buying an additional 4,985 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock valued at $3,981,000 after buying an additional 110,810 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Covenant Logistics Group by 27.6% during the 1st quarter. Jane Street Group LLC now owns 21,937 shares of the company's stock valued at $487,000 after buying an additional 4,743 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other 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.

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