Covia (CVIA) Trading Up 9.3%

Covia Holdings (NASDAQ:CVIA)’s share price was up 9.3% during mid-day trading on Thursday . The stock traded as high as $6.15 and last traded at $5.98. Approximately 624,671 shares changed hands during trading, an increase of 8% from the average daily volume of 577,016 shares. The stock had previously closed at $5.47.

Several equities analysts recently issued reports on CVIA shares. Credit Suisse Group downgraded shares of Covia from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $14.00 to $7.50 in a research note on Wednesday, October 3rd. Morgan Stanley started coverage on shares of Covia in a research note on Tuesday, September 18th. They set an “equal weight” rating and a $11.00 price objective on the stock. Bank of America started coverage on shares of Covia in a research note on Wednesday, October 17th. They set an “underperform” rating on the stock. Piper Jaffray Companies reissued a “buy” rating and set a $17.50 price objective on shares of Covia in a research note on Friday, August 17th. Finally, Jefferies Financial Group downgraded shares of Covia from a “buy” rating to a “hold” rating and set a $8.00 price objective on the stock. in a research note on Wednesday, October 17th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Covia currently has a consensus rating of “Hold” and a consensus price target of $14.22.

Covia (NASDAQ:CVIA) last posted its quarterly earnings results on Tuesday, August 14th. The company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.62). The business had revenue of $508.42 million for the quarter, compared to the consensus estimate of $595.59 million. The firm’s revenue for the quarter was up 56.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 earnings per share.

In related news, Director William E. Conway purchased 10,000 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were bought at an average price of $12.25 per share, with a total value of $122,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional investors have recently added to or reduced their stakes in the company. Sterling Investment Advisors Ltd. acquired a new stake in shares of Covia in the second quarter worth $111,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Covia in the second quarter worth $117,000. Russell Investments Group Ltd. acquired a new stake in shares of Covia in the second quarter worth $158,000. WealthTrust Fairport LLC acquired a new stake in shares of Covia in the second quarter worth $164,000. Finally, Strs Ohio acquired a new stake in shares of Covia in the second quarter worth $168,000.

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About Covia (NASDAQ:CVIA)

There is no company description available for Covia Holdings Corp.

Further Reading: When is a capital gain realized?

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