Covenant Logistics Group (NYSE:CVLG) Stock Breaks Above Fifty Day Moving Average - Here's Why

Key Points

• Covenant Logistics Group shares rose above their 50-day moving average, reaching $33.67 and last trading at $33.51, compared with a 50-day average of $32.89.
• Analyst sentiment is broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $53.20, although Weiss Ratings downgraded the stock to “sell.”
• The company exceeded quarterly earnings expectations, reporting $0.50 in EPS versus the $0.44 consensus on revenue of $353.89 million; institutional investors own 83.72% of its shares.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) shares crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $32.89 and traded as high as $33.67. Covenant Logistics Group shares last traded at $33.51, with a volume of 441,507 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the company an "outperform" rating in a research note on Wednesday, August 19th. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $60.00 price objective for the company. Weiss Ratings cut shares of Covenant Logistics Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, October 23rd. National Bank Financial set a $60.00 target price on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. Finally, TD Cowen reduced their price target on shares of Covenant Logistics Group from $43.00 to $42.00 and set a "buy" rating for the company in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $53.20.

Covenant Logistics Group Price Performance

The company has a market cap of $850.48 million, a PE ratio of 209.44 and a beta of 1.39. The company has a quick ratio of 1.10, a current ratio of 1.14 and a debt-to-equity ratio of 0.55. The firm has a 50 day simple moving average of $32.89 and a 200-day simple moving average of $33.98.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%. The business had revenue of $353.89 million during the quarter. As a group, research analysts predict that Covenant Logistics Group, Inc. will post 1.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. CenterBook Partners LP acquired a new stake in shares of Covenant Logistics Group in the 3rd quarter worth $220,000. Prescott Group Capital Management L.L.C. increased its position in Covenant Logistics Group by 25.0% during the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 20,000 shares of the company's stock valued at $646,000 after buying an additional 4,000 shares in the last quarter. Vise Technologies Inc. raised its stake in Covenant Logistics Group by 30.7% in the third quarter. Vise Technologies Inc. now owns 7,979 shares of the company's stock valued at $258,000 after buying an additional 1,875 shares during the last quarter. Inspire Investing LLC raised its stake in Covenant Logistics Group by 26.5% in the third quarter. Inspire Investing LLC now owns 19,506 shares of the company's stock valued at $630,000 after buying an additional 4,083 shares during the last quarter. Finally, Kings Path Partners LLC purchased a new stake in Covenant Logistics Group in the third quarter valued at about $275,000. Hedge funds and other institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers' supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive and manufacturing.

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