Covenant Logistics Group (NYSE:CVLG) Shares Gap Up – Here’s Why

Covenant Logistics Group, Inc. (NYSE:CVLG)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $31.95, but opened at $33.75. Covenant Logistics Group shares last traded at $33.81, with a volume of 5,405 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CVLG. Zacks Research raised Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Finally, TD Cowen lifted their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, April 27th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Covenant Logistics Group has a consensus rating of “Hold” and an average price target of $35.00.

Covenant Logistics Group Price Performance

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 firm has a market cap of $877.30 million, a price-to-earnings ratio of 233.20 and a beta of 1.28. The stock has a 50-day moving average of $29.17 and a two-hundred day moving average of $25.70.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings results 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 net margin of 0.42% and a return on equity of 9.41%. The company had revenue of $307.16 million during the quarter. On average, analysts anticipate that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Insider Activity at Covenant Logistics Group

In related news, Director Joey B. Hogan sold 14,700 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the transaction, the director owned 104,094 shares in the company, valued at $3,618,307.44. This trade represents a 12.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Ray Parker sold 100,000 shares of the stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $29.67, for a total value of $2,967,000.00. Following the completion of the transaction, the chief executive officer owned 2,197,944 shares of the company’s stock, valued at $65,212,998.48. This trade represents a 4.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 267,750 shares of company stock worth $7,980,052 in the last quarter. 36.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Covenant Logistics Group

A number of institutional investors have recently bought and sold shares of the business. Man Group plc boosted its position in Covenant Logistics Group by 3.5% during the 4th quarter. Man Group plc now owns 10,780 shares of the company’s stock worth $238,000 after acquiring an additional 365 shares during the period. Corient Private Wealth LLC boosted its position in Covenant Logistics Group by 1.1% during the 4th quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock worth $920,000 after acquiring an additional 446 shares during the period. SG Americas Securities LLC boosted its position in Covenant Logistics Group by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 11,926 shares of the company’s stock worth $263,000 after acquiring an additional 478 shares during the period. BNP Paribas Financial Markets boosted its position in Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after acquiring an additional 487 shares during the period. Finally, Two Sigma Investments LP boosted its position in Covenant Logistics Group by 2.7% during the 3rd quarter. Two Sigma Investments LP now owns 40,982 shares of the company’s stock worth $888,000 after acquiring an additional 1,068 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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.