Insider Selling: Covenant Logistics Group (NYSE:CVLG) EVP Sells $160,600.00 in Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) EVP Joey Ballard sold 4,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the completion of the transaction, the executive vice president directly owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. The trade was a 23.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Joey Ballard also recently made the following trade(s):

• On Tuesday, May 26th, Joey Ballard sold 3,718 shares of Covenant Logistics Group stock. The stock was sold at an average price of $38.00, for a total transaction of $141,284.00.
• On Friday, May 22nd, Joey Ballard sold 4,282 shares of Covenant Logistics Group stock. The stock was sold at an average price of $37.40, for a total transaction of $160,146.80.

Covenant Logistics Group Stock Performance

Covenant Logistics Group stock opened at $42.13 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. Covenant Logistics Group, Inc. has a 1-year low of $18.00 and a 1-year high of $42.89. The firm has a market capitalization of $1.06 billion, a P/E ratio of 280.87 and a beta of 1.30. The company’s 50-day moving average is $32.58 and its 200 day moving average is $27.52.

Covenant Logistics Group (NYSE:CVLG) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%.The firm had revenue of $307.16 million during the quarter. Research analysts forecast that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CVLG. Wall Street Zen lowered shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. TD Cowen raised 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, April 27th. Zacks Research raised shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research report on Friday, April 3rd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Covenant Logistics Group in a research report on Friday, May 29th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Covenant Logistics Group currently has a consensus rating of “Hold” and a consensus price target of $35.00.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP bought a new position in shares of Covenant Logistics Group during the third quarter valued at approximately $33,000. BNP Paribas Financial Markets boosted its stake in shares of Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Covenant Logistics Group during the second quarter valued at approximately $39,000. Tower Research Capital LLC TRC boosted its stake in shares of Covenant Logistics Group by 127.1% during the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after purchasing an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in shares of Covenant Logistics Group by 204.6% during the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after purchasing an additional 2,361 shares in the last quarter. 83.72% of the stock is currently owned by 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.