Echo Global Logistics Inc. (ECHO) Shares Gap Up to $25.60
Echo Global Logistics Inc. (NASDAQ:ECHO) gapped up before the market opened on Tuesday . The stock had previously closed at $25.59, but opened at $25.60. Echo Global Logistics shares last traded at $25.93, with a volume of 37,169 shares.
Several equities research analysts have issued reports on the company. Morgan Stanley dropped their price objective on Echo Global Logistics from $34.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, July 28th. Cowen and Company decreased their target price on Echo Global Logistics from $28.00 to $27.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Zacks Investment Research lowered Echo Global Logistics from a “hold” rating to a “sell” rating in a research report on Friday, May 6th. Finally, JPMorgan Chase & Co. began coverage on Echo Global Logistics in a research report on Monday, July 11th. They issued an “overweight” rating and a $31.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $30.11.
The company has a market capitalization of $760.49 million and a price-to-earnings ratio of 105.92. The stock’s 50-day moving average price is $24.98 and its 200-day moving average price is $24.48.
Echo Global Logistics (NASDAQ:ECHO) last issued 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. The firm earned $443.80 million during the quarter, compared to analyst estimates of $439.56 million. The company’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share. Equities research analysts forecast that Echo Global Logistics Inc. will post $1.21 earnings per share for the current fiscal year.
In other news, CEO Douglas R. Waggoner sold 23,528 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $25.56, for a total value of $601,375.68. Following the completion of the transaction, the chief executive officer now directly owns 251,217 shares of the company’s stock, valued at approximately $6,421,106.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Douglas R. Waggoner sold 46,117 shares of the 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 completion of the transaction, the chief executive officer now directly owns 254,544 shares of the company’s stock, valued at $6,551,962.56. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Echo Global Logistics stock. Trexquant Investment LP increased its position in Echo Global Logistics Inc. (NASDAQ:ECHO) by 46.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 59,800 shares of the company’s stock after buying an additional 19,100 shares during the period. Trexquant Investment LP owned approximately 0.21% of Echo Global Logistics worth $1,219,000 at the end of the most recent quarter.
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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