Wall Street Zen Upgrades Covenant Logistics Group (NYSE:CVLG) to Buy

Covenant Logistics Group (NYSE:CVLG) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Separately, TD Cowen cut their price objective on shares of Covenant Logistics Group from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, April 25th.

Covenant Logistics Group Stock Performance

Shares of NYSE:CVLG opened at $24.01 on Wednesday. Covenant Logistics Group has a 12 month low of $17.46 and a 12 month high of $30.77. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $23.95 and a 200-day moving average price of $23.67. The company has a market cap of $637.47 million, a price-to-earnings ratio of 18.33 and a beta of 1.44.

Insider Activity at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,200 shares of the firm’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the sale, the director directly owned 24,736 shares in the company, valued at $563,980.80. This trade represents a 8.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 35.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Covenant Logistics Group

Institutional investors have recently bought and sold shares of the stock. Huntington National Bank grew its stake in Covenant Logistics Group by 91.5% during the fourth quarter. Huntington National Bank now owns 963 shares of the company’s stock valued at $52,000 after acquiring an additional 460 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Covenant Logistics Group in the 4th quarter worth $71,000. Summit Investment Advisors Inc. grew its stake in shares of Covenant Logistics Group by 100.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company’s stock worth $77,000 after buying an additional 703 shares in the last quarter. MAI Capital Management grew its stake in shares of Covenant Logistics Group by 100.0% in the 1st quarter. MAI Capital Management now owns 1,500 shares of the company’s stock worth $33,000 after buying an additional 750 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Covenant Logistics Group by 1,289.4% in the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company’s stock worth $38,000 after buying an additional 1,586 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

About Covenant Logistics Group

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.