Covenant Logistics Group (NYSE:CVLG) Stock Falls 5% – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG) shares traded down 5% on Monday. The stock traded as low as $29.16 and last traded at $29.17. Approximately 45,100 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 185,352 shares. The stock had previously closed at $30.72.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CVLG shares. TD Cowen reduced their price target on shares of Covenant Logistics Group from $43.00 to $42.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Citigroup assumed coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They issued an “outperform” rating for the company. Citizens Jmp started coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price objective for the company. Robert W. Baird set a $50.00 price objective on Covenant Logistics Group and gave the stock an “outperform” rating in a research note on Wednesday, August 19th. Finally, National Bank Financial set a $60.00 target price on Covenant Logistics Group in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.20.

Covenant Logistics Group Price Performance

The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average price of $33.90 and a two-hundred day moving average price of $36.88. The firm has a market cap of $741.04 million, a P/E ratio of 265.48 and a beta of 1.39.

Covenant Logistics Group (NYSE:CVLG) last posted its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. The business had revenue of $332.87 million during the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%. Equities analysts anticipate that Covenant Logistics Group, Inc. will post 1.55 earnings per share for the current year.

Hedge Funds Weigh In On Covenant Logistics Group

Large investors have recently added to or reduced their stakes in the company. Ranger Investment Management L.P. acquired a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at about $10,456,000. Sei Investments Co. lifted its holdings in shares of Covenant Logistics Group by 95.8% in the first quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock valued at $1,405,000 after purchasing an additional 25,331 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in shares of Covenant Logistics Group by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock valued at $920,000 after purchasing an additional 446 shares in the last quarter. Wesbanco Bank Inc. boosted its position in shares of Covenant Logistics Group by 88.4% during the first quarter. Wesbanco Bank Inc. now owns 40,500 shares of the company’s stock worth $1,100,000 after buying an additional 19,000 shares during the period. Finally, Quantinno Capital Management LP boosted its position in shares of Covenant Logistics Group by 61.1% during the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock worth $1,044,000 after buying an additional 14,590 shares during the period. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986 as Covenant Transport, the company provides freight transportation and supply chain services to customers across North America.

Its operations include asset-based truckload transportation, dedicated transportation, expedited freight, refrigerated and dry-van services, brokerage, freight management, warehousing and distribution. Through these offerings, Covenant Logistics helps businesses move and manage goods while providing related supply chain and logistics support.

The company serves a range of industries and customer needs through a combination of company-owned equipment, contracted capacity and logistics services.