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

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price passed 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 changing hands.

Analyst Upgrades and Downgrades

CVLG has been the subject of a number of research reports. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the stock an “outperform” rating in a research report on Wednesday, August 19th. Citizens Jmp started coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 target price for the company. Zacks Research downgraded Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, National Bank Financial set a $60.00 target price on Covenant Logistics Group in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Covenant Logistics Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.20.

Covenant Logistics Group Stock Performance

The firm’s 50-day moving average price is $32.89 and its two-hundred day moving average price is $33.98. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.14. The stock has a market cap of $850.48 million, a price-to-earnings ratio of 209.44 and a beta of 1.39.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $353.89 million during the quarter. On average, analysts expect that Covenant Logistics Group, Inc. will post 1.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ranger Investment Management L.P. purchased a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at approximately $10,456,000. Sei Investments Co. increased its holdings in shares of Covenant Logistics Group by 95.8% during the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after buying an additional 25,331 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Covenant Logistics Group by 61.1% during the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock valued at $1,044,000 after buying an additional 14,590 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Covenant Logistics Group in the second quarter valued at approximately $631,000. Finally, Janus Henderson Group PLC purchased a new position in Covenant Logistics Group in the first quarter worth approximately $245,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.