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

Key Points

• Covenant Logistics' stock reached a new 52-week high, trading as high as $35.91 and last at $34.71, with its 50-day and 200-day moving averages at $28.36 and $24.86 respectively.
• Analyst sentiment is mixed with an average rating of Hold and an average price target of $35.00, though TD Cowen rates the stock a Buy after raising its target to $35.
• The company missed quarterly EPS estimates ($0.26 reported vs. $0.35 expected) while carrying a high P/E of 230.93, and insiders—including the CEO—have sold material shares recently (CEO sold 100,000 shares).

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $35.91 and last traded at $34.71, with a volume of 30004 shares traded. The stock had previously closed at $34.99.

Wall Street Analyst Weigh In

CVLG has been the topic of several recent research reports. Wall Street Zen downgraded shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a research report 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. Weiss Ratings reiterated a "hold (c)" rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Finally, TD Cowen lifted their target price on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $35.00.

Covenant Logistics Group Stock Down 1.0%

The stock has a market cap of $868.77 million, a price-to-earnings ratio of 230.93 and a beta of 1.15. The company has a current ratio of 1.11, a quick ratio of 1.08 and a debt-to-equity ratio of 0.59. The stock's 50-day moving average price is $28.36 and its 200-day moving average price is $24.86.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.09). The firm had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.37% and a net margin of 0.42%. On average, sell-side analysts expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current year.

Insider Activity

In other news, CEO David Ray Parker sold 100,000 shares of Covenant Logistics Group stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $29.67, for a total value of $2,967,000.00. Following the completion of the sale, the chief executive officer owned 2,197,944 shares in the company, valued at $65,212,998.48. The trade was a 4.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 438,800 shares of company stock valued at $12,826,748. 36.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new position in Covenant Logistics Group during the third quarter valued at approximately $33,000. BNP Paribas Financial Markets raised its holdings in 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 buying an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Covenant Logistics Group during the 2nd quarter valued at $39,000. Tower Research Capital LLC TRC raised its holdings in 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 valued at $48,000 after buying an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in 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 valued at $77,000 after buying an additional 2,361 shares during the last quarter. 83.72% of the stock is 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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