Joey Ballard Sells 3,718 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) EVP Joey Ballard sold 3,718 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $38.00, for a total value of $141,284.00. Following the completion of the transaction, the executive vice president owned 17,149 shares of the company’s stock, valued at $651,662. The trade was a 17.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Joey Ballard also recently made the following trade(s):

• On Friday, May 22nd, Joey Ballard sold 4,282 shares of Covenant Logistics Group stock. The shares were sold at an average price of $37.40, for a total value of $160,146.80.

Covenant Logistics Group Stock Performance

Shares of NYSE CVLG opened at $39.50 on Friday. The business has a fifty day simple moving average of $31.34 and a 200 day simple moving average of $26.91. 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 capitalization of $994.22 million, a price-to-earnings ratio of 263.33 and a beta of 1.28. Covenant Logistics Group, Inc. has a one year low of $18.00 and a one year high of $40.00.

Covenant Logistics Group (NYSE:CVLG) last issued its earnings results on Thursday, April 23rd. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on CVLG shares. Zacks Research upgraded Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. TD Cowen upped their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Finally, Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Covenant Logistics Group currently has a consensus rating of “Hold” and a consensus target price of $35.00.

Institutional Trading of Covenant Logistics Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CVLG. Royal Bank of Canada increased its stake in shares of Covenant Logistics Group by 90.5% in the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock valued at $535,000 after buying an additional 11,454 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Covenant Logistics Group by 97.5% in the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock valued at $1,970,000 after buying an additional 43,816 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Covenant Logistics Group by 108.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock valued at $213,000 after buying an additional 4,985 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Covenant Logistics Group by 161.8% in the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after acquiring an additional 110,810 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in Covenant Logistics Group by 27.6% in the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock valued at $487,000 after acquiring an additional 4,743 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Covenant Logistics Group Company Profile

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.