Covenant Logistics Group (NYSE:CVLG) Hits New 52-Week High - Here's Why

Key Points

• Shares of Covenant Logistics Group (CVLG) hit a new 52-week high of $30.50 on Friday, last trading at $30.28 (volume 38,316) and were up about 4.2%, with a market cap near $763 million and 50/200-day SMAs of $27.82/$24.20.
• Analysts have an average rating of Hold with an average target price of $30.00 after mixed research notes (one Buy, two Holds, and recent upgrades/downgrades from Zacks, Weiss and Wall Street Zen).
• Insiders have sold significant stock (CEO sold 30,400 shares; 438,800 shares sold last quarter) while insiders still own 35.10%, and institutional ownership is high at 83.72% with several funds (Goldman, AQR, RBC, Jane Street) boosting stakes.

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $30.50 and last traded at $30.28, with a volume of 38316 shares traded. The stock had previously closed at $29.20.

Analysts Set New Price Targets

Several research analysts recently weighed in on CVLG shares. Weiss Ratings restated a "hold (c)" rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research upgraded Covenant Logistics Group from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Finally, Wall Street Zen downgraded Covenant Logistics Group from a "buy" rating to a "hold" rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Covenant Logistics Group has an average rating of "Hold" and an average target price of $30.00.

Covenant Logistics Group Trading Up 4.2%

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 company has a 50 day simple moving average of $27.82 and a two-hundred day simple moving average of $24.20. The firm has a market cap of $763.44 million, a PE ratio of 138.37 and a beta of 1.15.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). The firm had revenue of $295.37 million for the quarter. Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.70%.

Insiders Place Their Bets

In other news, CEO David Ray Parker sold 30,400 shares of the company's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $29.18, for a total value of $887,072.00. Following the sale, the chief executive officer owned 2,047,544 shares in the company, valued at $59,747,333.92. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 438,800 shares of company stock worth $12,826,748. 35.10% of the stock is currently owned by insiders.

Institutional Trading of Covenant Logistics Group

A number of hedge funds have recently modified their holdings of CVLG. Royal Bank of Canada boosted its stake in shares of Covenant Logistics Group by 90.5% in the first quarter. Royal Bank of Canada now owns 24,108 shares of the company's stock worth $535,000 after buying an additional 11,454 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Covenant Logistics Group by 97.5% in the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company's stock worth $1,970,000 after buying an additional 43,816 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Covenant Logistics Group by 108.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company's stock worth $213,000 after buying an additional 4,985 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock worth $3,981,000 after buying an additional 110,810 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Covenant Logistics Group by 27.6% in the first quarter. Jane Street Group LLC now owns 21,937 shares of the company's stock worth $487,000 after buying an additional 4,743 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.