Covenant Logistics Group (NASDAQ:CVLG) Shares Gap Down – Time to Sell?

Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) gapped down before the market opened on Friday . The stock had previously closed at $28.95, but opened at $27.30. Covenant Logistics Group shares last traded at $27.31, with a volume of 39,425 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVLG. TD Cowen lowered their price target on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a report on Friday, October 25th. Stephens reiterated an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research note on Friday.

Covenant Logistics Group Stock Performance

The firm has a market capitalization of $745.33 million, a PE ratio of 18.60 and a beta of 1.41. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average of $28.60 and a 200 day moving average of $27.10.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. The firm had revenue of $287.89 million for the quarter. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts predict that Covenant Logistics Group, Inc. will post 1.99 EPS for the current year.

Covenant Logistics Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a dividend of $0.055 per share. The ex-dividend date was Friday, December 6th. This represents a $0.22 dividend on an annualized basis and a yield of 0.78%. Covenant Logistics Group’s payout ratio is 14.47%.

Insider Transactions at Covenant Logistics Group

In other Covenant Logistics Group news, Director Bradley A. Moline sold 14,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the completion of the sale, the director now directly owns 93,984 shares of the company’s stock, valued at $2,802,602.88. The trade was a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 36.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Huntington National Bank bought a new position in Covenant Logistics Group during the 3rd quarter worth approximately $27,000. Quantbot Technologies LP purchased a new stake in shares of Covenant Logistics Group during the third quarter valued at approximately $64,000. nVerses Capital LLC grew its holdings in shares of Covenant Logistics Group by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the company’s stock worth $69,000 after purchasing an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Covenant Logistics Group by 110.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock worth $205,000 after buying an additional 2,031 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Covenant Logistics Group during the 3rd quarter valued at $215,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.