Echo Global Logistics Inc. (NASDAQ:ECHO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Echo Global Logistics is a leading provider of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. The company’s web-based technology platform compiles and analyzes data from its network of over 22,000 transportation providers to serve its clients’ shipping and freight management needs. Echo procures transportation and provides logistics services for more than 11,600 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. Echo Global Logistics, Inc. is headquartered in Chicago, Illinois. “
ECHO has been the topic of a number of other research reports. Morgan Stanley dropped their target price on Echo Global Logistics from $34.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. Cowen and Company dropped their target price on Echo Global Logistics from $28.00 to $27.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a $31.00 target price on shares of Echo Global Logistics in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $30.11.
Shares of Echo Global Logistics (NASDAQ:ECHO) traded down 0.31% on Thursday, hitting $22.80. The stock had a trading volume of 151,747 shares. The company has a market cap of $668.18 million, a PE ratio of 93.06 and a beta of 1.30. The stock’s 50-day moving average price is $24.45 and its 200 day moving average price is $24.19. Echo Global Logistics has a 52 week low of $16.56 and a 52 week high of $28.49.
Echo Global Logistics (NASDAQ:ECHO) last announced its earnings results on Wednesday, July 27th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.04. Echo Global Logistics had a net margin of 0.43% and a return on equity of 5.69%. The firm earned $443.80 million during the quarter, compared to analyst estimates of $439.56 million. During the same period in the prior year, the business posted $0.30 EPS. The firm’s quarterly revenue was up 19.4% compared to the same quarter last year. On average, analysts predict that Echo Global Logistics will post $1.24 EPS for the current year.
In other news, CEO Douglas R. Waggoner sold 23,528 shares of Echo Global Logistics stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $25.56, for a total transaction of $601,375.68. Following the completion of the transaction, the chief executive officer now directly owns 251,217 shares in the company, valued at approximately $6,421,106.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Douglas R. Waggoner sold 46,117 shares of Echo Global Logistics stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $25.74, for a total value of $1,187,051.58. Following the transaction, the chief executive officer now owns 254,544 shares of the company’s stock, valued at $6,551,962.56. The disclosure for this sale can be found here. Insiders own 8.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ECHO. Mason Street Advisors LLC purchased a new stake in Echo Global Logistics during the second quarter valued at about $110,000. Legal & General Group Plc increased its stake in Echo Global Logistics by 3.4% in the first quarter. Legal & General Group Plc now owns 4,140 shares of the company’s stock valued at $111,000 after buying an additional 137 shares during the period. Bank of Montreal Can purchased a new stake in Echo Global Logistics during the second quarter valued at about $159,000. BNP Paribas Arbitrage SA increased its stake in Echo Global Logistics by 112.7% in the second quarter. BNP Paribas Arbitrage SA now owns 8,355 shares of the company’s stock valued at $187,000 after buying an additional 4,427 shares during the period. Finally, First Trust Advisors LP purchased a new stake in Echo Global Logistics during the second quarter valued at about $208,000. Institutional investors own 84.85% of the company’s stock.
Echo Global Logistics Company Profile
Echo Global Logistics, Inc is a provider of technology-enabled transportation and supply chain management solutions. The Company utilizes a technology platform to compile and analyze data from its multi-modal network of transportation providers to facilitate its transportation and logistics services.
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