Covenant Logistics Group (NYSE:CVLG) Stock Jumps 10.3% – Time to Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price was up 10.3% during mid-day trading on Monday. The stock traded as high as $31.80 and last traded at $31.80. 3,119 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 187,326 shares. The stock had previously closed at $28.82.

Analysts Set New Price Targets

CVLG has been the topic of a number of recent research reports. National Bank Financial set a $60.00 target price on shares of Covenant Logistics Group in a report on Wednesday, July 15th. Weiss Ratings cut shares of Covenant Logistics Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Robert W. Baird set a $50.00 price objective on shares of Covenant Logistics Group and gave the stock an “outperform” rating in a research note on Wednesday, August 19th. Citizens Jmp initiated coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price target on the stock. Finally, Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Covenant Logistics Group currently has a consensus rating of “Moderate Buy” and an average price target of $53.20.

Covenant Logistics Group Trading Up 8.0%

The firm has a fifty day moving average of $32.92 and a 200 day moving average of $33.94. 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 firm has a market capitalization of $847.69 million, a PE ratio of 208.75 and a beta of 1.44.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The business had revenue of $353.89 million during the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.64%. Equities research analysts expect that Covenant Logistics Group, Inc. will post 1.55 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC lifted its holdings in Covenant Logistics Group by 96.4% during the 2nd quarter. MCF Advisors LLC now owns 754 shares of the company’s stock worth $33,000 after buying an additional 370 shares during the last quarter. Copeland Capital Management LLC increased its stake in shares of Covenant Logistics Group by 40.2% in the third quarter. Copeland Capital Management LLC now owns 2,724 shares of the company’s stock valued at $88,000 after purchasing an additional 781 shares during the period. Nisa Investment Advisors LLC grew its holdings in Covenant Logistics Group by 100.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,299 shares of the company’s stock worth $107,000 after buying an additional 1,652 shares in the last quarter. Vise Technologies Inc. increased its holdings in shares of Covenant Logistics Group by 30.7% during the third quarter. Vise Technologies Inc. now owns 7,979 shares of the company’s stock valued at $258,000 after purchasing an additional 1,875 shares during the period. Finally, Kings Path Partners LLC acquired a new position in Covenant Logistics Group during the 3rd quarter valued at about $275,000. 83.72% of the stock is currently owned by institutional investors.

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.