Covenant Logistics Group (NYSE:CVLG) Stock Price Down 8.3% – Should You Sell?

Covenant Logistics Group, Inc. (NYSE:CVLG) traded down 8.3% during trading on Friday . The stock traded as low as $26.36 and last traded at $26.44. 71,849 shares traded hands during trading, a decline of 57% from the average session volume of 167,444 shares. The stock had previously closed at $28.84.

Wall Street Analysts Forecast Growth

CVLG has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. Wall Street Zen raised shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Finally, Zacks Research downgraded shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $30.00.

Covenant Logistics Group Trading Down 7.8%

The firm has a market cap of $666.08 million, a price-to-earnings ratio of 120.87 and a beta of 1.16. The firm’s 50-day moving average is $26.74 and its 200-day moving average is $23.46. The company has a current ratio of 1.11, a quick ratio of 0.98 and a debt-to-equity ratio of 0.59.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share (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 Transactions at Covenant Logistics Group

In related news, CEO David Ray Parker sold 30,400 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $29.18, for a total value of $887,072.00. Following the completion of the sale, the chief executive officer directly owned 2,047,544 shares of the company’s stock, valued at approximately $59,747,333.92. This represents a 1.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 438,800 shares of company stock worth $12,826,748 in the last ninety days. Corporate insiders own 35.10% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in Covenant Logistics Group by 90.5% during 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 increased its stake in shares of Covenant Logistics Group by 97.5% during the 1st quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after purchasing an additional 43,816 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Covenant Logistics Group by 108.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock worth $213,000 after purchasing an additional 4,985 shares during the period. Goldman Sachs Group Inc. lifted its stake in Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Covenant Logistics Group by 27.6% during the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock valued at $487,000 after purchasing an additional 4,743 shares during the period. 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.