Echo Global Logistics, Inc. (ECHO) Downgraded to “Sell” at Zacks Investment Research

Echo Global Logistics, Inc. (NASDAQ:ECHO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

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. “

Several other research firms have also issued reports on ECHO. Macquarie restated an “outperform” rating and set a $29.00 price target on shares of Echo Global Logistics in a research report on Monday, July 10th. Cowen and Company restated a “buy” rating and set a $19.00 price target on shares of Echo Global Logistics in a research report on Wednesday, October 4th. ValuEngine upgraded Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Stifel Nicolaus restated a “buy” rating on shares of Echo Global Logistics in a research report on Wednesday, July 19th. Finally, BidaskClub lowered Echo Global Logistics from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Echo Global Logistics presently has an average rating of “Hold” and an average price target of $19.38.

Echo Global Logistics (NASDAQ ECHO) remained flat at $19.65 during trading on Tuesday. The company had a trading volume of 311,554 shares. The stock’s market capitalization is $560.69 million. The firm has a 50-day moving average price of $16.62 and a 200 day moving average price of $18.11. Echo Global Logistics has a 1-year low of $13.00 and a 1-year high of $28.90.

Echo Global Logistics (NASDAQ:ECHO) last posted its quarterly earnings results on Thursday, July 27th. The transportation company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). Echo Global Logistics had a positive return on equity of 3.22% and a negative net margin of 0.21%. The company had revenue of $470.10 million for the quarter, compared to the consensus estimate of $470.25 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. Echo Global Logistics’s revenue was up 5.9% compared to the same quarter last year. Equities analysts anticipate that Echo Global Logistics will post $0.59 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its holdings in Echo Global Logistics by 1.3% in the 1st quarter. SG Americas Securities LLC now owns 5,628 shares of the transportation company’s stock worth $120,000 after buying an additional 70 shares during the period. Arizona State Retirement System lifted its holdings in Echo Global Logistics by 0.7% in the 1st quarter. Arizona State Retirement System now owns 14,264 shares of the transportation company’s stock worth $305,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Echo Global Logistics by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 11,200 shares of the transportation company’s stock worth $223,000 after buying an additional 100 shares during the period. Nicolet Bankshares Inc. lifted its holdings in Echo Global Logistics by 1.4% in the 2nd quarter. Nicolet Bankshares Inc. now owns 11,005 shares of the transportation company’s stock worth $219,000 after buying an additional 150 shares during the period. Finally, Texas Permanent School Fund lifted its holdings in Echo Global Logistics by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 20,003 shares of the transportation company’s stock worth $398,000 after buying an additional 214 shares during the period. Institutional investors and hedge funds own 87.50% 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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