Echo Global Logistics (ECHO) Given “Outperform” Rating at Cowen
Cowen restated their outperform rating on shares of Echo Global Logistics (NASDAQ:ECHO) in a research report sent to investors on Thursday, MarketBeat reports. Cowen currently has a $34.00 price objective on the transportation company’s stock, up from their previous price objective of $23.00.
Several other research analysts also recently commented on the company. UBS Group upgraded Echo Global Logistics from a sell rating to a neutral rating and set a $33.00 target price for the company in a research note on Monday, January 29th. Zacks Investment Research cut Echo Global Logistics from a buy rating to a hold rating in a report on Thursday, January 11th. Stephens reaffirmed a buy rating and issued a $34.00 price target on shares of Echo Global Logistics in a report on Wednesday, January 10th. Macquarie cut Echo Global Logistics from an outperform rating to a neutral rating in a report on Thursday, December 14th. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $31.00 price target (up previously from $25.00) on shares of Echo Global Logistics in a report on Friday, December 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Echo Global Logistics presently has an average rating of Hold and an average price target of $29.90.
Shares of Echo Global Logistics (NASDAQ ECHO) traded down $0.80 during midday trading on Thursday, reaching $27.85. The company’s stock had a trading volume of 343,489 shares, compared to its average volume of 354,195. Echo Global Logistics has a fifty-two week low of $13.00 and a fifty-two week high of $32.95. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.61. The company has a market cap of $816.30, a P/E ratio of 62.28, a P/E/G ratio of 2.34 and a beta of 1.55.
In related news, COO David B. Menzel sold 30,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $24.55, for a total transaction of $736,500.00. Following the transaction, the chief operating officer now directly owns 180,322 shares of the company’s stock, valued at approximately $4,426,905.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in ECHO. Granahan Investment Management Inc. MA increased its stake in Echo Global Logistics by 1,669.3% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 840,893 shares of the transportation company’s stock worth $15,851,000 after purchasing an additional 793,366 shares during the period. Janus Henderson Group PLC purchased a new position in Echo Global Logistics in the 2nd quarter worth approximately $14,062,000. Hood River Capital Management LLC purchased a new position in Echo Global Logistics in the 4th quarter worth approximately $9,043,000. Kornitzer Capital Management Inc. KS purchased a new position in Echo Global Logistics in the 3rd quarter worth approximately $5,942,000. Finally, Dimensional Fund Advisors LP increased its stake in Echo Global Logistics by 20.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,807,045 shares of the transportation company’s stock worth $35,960,000 after purchasing an additional 309,610 shares during the period. 93.83% of the stock is currently owned by institutional investors.
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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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