Covenant Logistics Group (NYSE:CVLG) Trading Up 6.6% – Should You Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG) rose 6.6% during mid-day trading on Thursday . The stock traded as high as $49.15 and last traded at $48.90. Approximately 157,361 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 174,616 shares. The stock had previously closed at $45.89.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. TD Cowen boosted their price objective on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Wall Street Zen raised Covenant Logistics Group from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Stephens assumed coverage on Covenant Logistics Group in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $60.00 target price on the stock. Citigroup started coverage on shares of Covenant Logistics Group in a report on Wednesday. They set an “outperform” rating for the company. Finally, Citizens Jmp started coverage on shares of Covenant Logistics Group in a research report on Wednesday. They set a “market outperform” rating and a $60.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $53.75.

Covenant Logistics Group Stock Down 2.1%

The stock has a market cap of $1.19 billion, a P/E ratio of 314.60 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average is $41.87 and its 200-day moving average is $32.71.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). The firm had revenue of $307.16 million for the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. As a group, research analysts anticipate that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Joey Ballard sold 4,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $40.15, for a total value of $160,600.00. Following the transaction, the executive vice president owned 13,149 shares in the company, valued at $527,932.35. This represents a 23.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director D Michael Kramer sold 2,650 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total transaction of $92,008.00. Following the sale, the director owned 22,086 shares of the company’s stock, valued at approximately $766,825.92. This represents a 10.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 42,150 shares of company stock worth $1,566,515 over the last quarter. Corporate insiders own 36.70% of the company’s stock.

Institutional Trading of Covenant Logistics Group

A number of institutional investors have recently bought and sold shares of CVLG. Man Group plc grew its holdings in Covenant Logistics Group by 3.5% during the fourth quarter. Man Group plc now owns 10,780 shares of the company’s stock valued at $238,000 after purchasing an additional 365 shares during the period. Corient Private Wealth LLC increased its stake in Covenant Logistics Group by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock valued at $920,000 after purchasing an additional 446 shares in the last quarter. SG Americas Securities LLC raised its holdings in Covenant Logistics Group by 4.2% in the fourth quarter. SG Americas Securities LLC now owns 11,926 shares of the company’s stock worth $263,000 after purchasing an additional 478 shares during the period. BNP Paribas Financial Markets raised its holdings in Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after purchasing an additional 487 shares during the period. Finally, Two Sigma Investments LP boosted its position in shares of Covenant Logistics Group by 2.7% during the third quarter. Two Sigma Investments LP now owns 40,982 shares of the company’s stock worth $888,000 after purchasing an additional 1,068 shares in the last quarter. Institutional investors and hedge funds 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.