Joey Ballard Sells 4,000 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) EVP Joey Ballard sold 4,000 shares of the business’s stock in a transaction on 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 owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. This represents a 23.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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 shares were 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 shares were sold at an average price of $37.40, for a total transaction of $160,146.80.

Covenant Logistics Group Stock Performance

Shares of CVLG traded up $1.44 during trading hours on Monday, hitting $41.14. The stock had a trading volume of 243,058 shares, compared to its average volume of 172,140. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a 50-day moving average price of $31.63 and a 200 day moving average price of $27.06. Covenant Logistics Group, Inc. has a fifty-two week low of $18.00 and a fifty-two week high of $41.22. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 274.27 and a beta of 1.30.

Covenant Logistics Group (NYSE:CVLG) last posted its 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). Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. The firm had revenue of $307.16 million during the quarter. As a group, research analysts anticipate that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Analyst Ratings Changes

CVLG has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Covenant Logistics Group in a report on Friday. TD Cowen increased their price objective on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Zacks Research raised shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Covenant Logistics Group presently has a consensus rating of “Hold” and an average price target of $35.00.

Institutional Investors Weigh In On Covenant Logistics Group

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

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.