Insider Selling: Covenant Logistics Group (NYSE:CVLG) EVP Sells 4,000 Shares of Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) EVP Joey Ballard sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the transaction, the executive vice president directly owned 13,149 shares in the company, valued at $527,932.35. This trade represents a 23.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

Covenant Logistics Group Stock Up 3.6%

Shares of Covenant Logistics Group stock traded up $1.44 on Monday, reaching $41.14. The stock had a trading volume of 243,058 shares, compared to its average volume of 172,140. Covenant Logistics Group, Inc. has a 1 year low of $18.00 and a 1 year high of $41.22. The company has a 50 day moving average price of $31.63 and a 200 day moving average price of $27.06. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $1.04 billion, a P/E ratio of 274.27 and a beta of 1.30.

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

Institutional Investors Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVLG. Quarry LP acquired a new stake in Covenant Logistics Group during the 3rd quarter worth about $33,000. BNP Paribas Financial Markets lifted its stake in shares of Covenant Logistics Group by 45.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Covenant Logistics Group in the 2nd quarter valued at $39,000. Tower Research Capital LLC TRC lifted its stake in shares of Covenant Logistics Group by 127.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after purchasing an additional 1,103 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in shares of Covenant Logistics Group by 204.6% in the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after purchasing an additional 2,361 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on CVLG shares. Weiss Ratings restated a “hold (c-)” rating on shares of Covenant Logistics Group in a research note on Friday. TD Cowen raised their target price on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.00.

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.