David Ray Parker Sells 70,000 Shares of Covenant Logistics Group (NYSE:CVLG) Stock

Covenant Logistics Group, Inc. (NYSE:CVLG) CEO David Ray Parker sold 70,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.05, for a total transaction of $2,033,500.00. Following the completion of the sale, the chief executive officer directly owned 227,872 shares of the company’s stock, valued at approximately $6,619,681.60. This represents a 23.50% decrease in their position. The sale 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 stock was sold at an average price of $29.34, for a total value of $803,916.00.
• On Monday, February 9th, David Ray Parker sold 56,000 shares of Covenant Logistics Group stock. The shares were sold at an average price of $28.66, for a total value of $1,604,960.00.

Covenant Logistics Group Trading Down 4.0%

CVLG stock opened at $28.10 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.18. The company has a market cap of $703.91 million, a P/E ratio of 127.73 and a beta of 1.21. The business has a fifty day moving average of $24.79 and a 200-day moving average of $22.92.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CVLG. Royal Bank of Canada raised its holdings in Covenant Logistics Group by 90.5% in the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock worth $535,000 after purchasing an additional 11,454 shares during the period. AQR Capital Management LLC increased its position in shares of Covenant Logistics Group by 97.5% in the 1st 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 position in shares of Covenant Logistics Group by 108.3% in the 1st 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. raised its stake in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after buying an additional 110,810 shares during the period. Finally, Jane Street Group LLC lifted its holdings in Covenant Logistics Group by 27.6% during the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock worth $487,000 after acquiring an additional 4,743 shares in the last quarter. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on CVLG shares. Zacks Research lowered shares of 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 investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target 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.