Covenant Logistics Group (NYSE:CVLG) Shares Up 1.1% - Here's What Happened

Key Points

• Shares of Covenant Logistics Group (NYSE:CVLG) rose 1.1% to about $28.76 on Monday (intraday high $28.85), with 92,279 shares traded—roughly 26% below average session volume.
• Analysts have a consensus rating of "Hold" with a $30.00 target, after recent moves such as Zacks upgrading to hold and Wall Street Zen cutting the stock from buy to hold.
• Significant insider selling was reported: CEO David Ray Parker sold 100,000 shares at an average $29.67 (~$2.97M) on Feb. 17, and insiders sold 438,800 shares (~$12.8M) in the past three months while owning 35.1% of the company.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) shares shot up 1.1% on Monday . The stock traded as high as $28.85 and last traded at $28.76. 92,279 shares traded hands during trading, a decline of 26% from the average session volume of 125,077 shares. The stock had previously closed at $28.44.

Analyst Ratings Changes

Several research firms have recently weighed in on CVLG. Zacks Research raised shares of Covenant Logistics Group from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Covenant Logistics Group in a report on Friday, January 9th. Finally, Wall Street Zen cut shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a report on Sunday, March 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Covenant Logistics Group currently has a consensus rating of "Hold" and a consensus target price of $30.00.

Covenant Logistics Group Trading Up 1.1%

The firm has a market capitalization of $721.30 million, a PE ratio of 130.73 and a beta of 1.15. The company has a quick ratio of 1.08, a current ratio of 1.11 and a debt-to-equity ratio of 0.59. The stock's fifty day simple moving average is $27.80 and its 200 day simple moving average is $24.09.

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

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, CEO David Ray Parker sold 100,000 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 2,197,944 shares in the company, valued at $65,212,998.48. This represents a 4.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 438,800 shares of company stock valued at $12,826,748 in the last three months. Corporate insiders own 35.10% of the company's stock.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds have recently modified their holdings of the company. LSV Asset Management boosted its position in shares of Covenant Logistics Group by 4.5% in the third quarter. LSV Asset Management now owns 452,290 shares of the company's stock worth $9,797,000 after purchasing an additional 19,464 shares during the period. Royce & Associates LP boosted its position in shares of Covenant Logistics Group by 8.4% in the third quarter. Royce & Associates LP now owns 298,648 shares of the company's stock worth $6,469,000 after purchasing an additional 23,060 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Covenant Logistics Group by 52.4% in the third quarter. JPMorgan Chase & Co. now owns 31,853 shares of the company's stock worth $690,000 after purchasing an additional 10,947 shares during the period. Daytona Street Capital LLC bought a new position in shares of Covenant Logistics Group in the fourth quarter worth approximately $220,000. Finally, Penn Capital Management Company LLC boosted its position in shares of Covenant Logistics Group by 43.4% in the third quarter. Penn Capital Management Company LLC now owns 24,407 shares of the company's stock worth $529,000 after purchasing an additional 7,382 shares during the period. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Company Profile

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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