David Ray Parker Sells 56,000 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 56,000 shares of the firm’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $28.66, for a total value of $1,604,960.00. Following the sale, the chief executive officer directly owned 293,074 shares in the company, valued at approximately $8,399,500.84. This trade represents a 16.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

David Ray Parker also recently made the following trade(s):

• On Wednesday, February 11th, David Ray Parker sold 27,400 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.34, for a total value of $803,916.00.
• On Tuesday, February 10th, David Ray Parker sold 70,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $29.05, for a total value of $2,033,500.00.

Covenant Logistics Group Stock Performance

NYSE:CVLG opened at $28.10 on Friday. The stock’s 50-day moving average is $24.79 and its 200-day moving average is $22.92. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.18. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. The stock has a market cap of $703.91 million, a P/E ratio of 127.73 and a beta of 1.21.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.57%. The business had revenue of $295.37 million during the quarter.

Institutional Investors Weigh In On Covenant Logistics Group

Several large investors have recently modified their holdings of the company. SG Americas Securities LLC raised its stake in Covenant Logistics Group by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 11,926 shares of the company’s stock worth $263,000 after buying an additional 478 shares during the last quarter. BNP Paribas Financial Markets grew its holdings 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. Inspire Investing LLC raised its position in shares of Covenant Logistics Group by 3.5% in the 2nd quarter. Inspire Investing LLC now owns 16,083 shares of the company’s stock worth $388,000 after acquiring an additional 541 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Covenant Logistics Group by 0.4% in the 2nd quarter. Empowered Funds LLC now owns 173,532 shares of the company’s stock valued at $4,184,000 after purchasing an additional 744 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Covenant Logistics Group by 2.7% in the 3rd quarter. Two Sigma Investments LP now owns 40,982 shares of the company’s stock valued at $888,000 after purchasing an additional 1,068 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVLG has been the subject of a number of recent research reports. Zacks Research downgraded Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.00.

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.