Echo Global Logistics, Inc. (ECHO) Sees Unusually-High Trading Volume on Strong Earnings

Echo Global Logistics, Inc. (NASDAQ:ECHO) saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 2,813,023 shares changed hands during trading, an increase of 477% from the previous session’s volume of 487,426 shares.The stock last traded at $22.90 and had previously closed at $19.70.

The transportation company reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.09. The firm had revenue of $509.50 million during the quarter, compared to analyst estimates of $473.44 million. Echo Global Logistics had a negative net margin of 0.20% and a positive return on equity of 3.27%. Echo Global Logistics’s revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $0.25 EPS.

Several brokerages recently commented on ECHO. Credit Suisse Group increased their price objective on shares of Echo Global Logistics from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday. Zacks Investment Research lowered shares of Echo Global Logistics from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Cowen and Company reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Echo Global Logistics in a research report on Wednesday, October 4th. ValuEngine raised shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Echo Global Logistics in a research report on Tuesday, September 12th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Echo Global Logistics presently has a consensus rating of “Hold” and a consensus price target of $22.67.

A number of institutional investors and hedge funds have recently bought and sold shares of ECHO. Janus Henderson Group PLC purchased a new position in Echo Global Logistics during the 2nd quarter worth approximately $14,062,000. Dimensional Fund Advisors LP raised its position in Echo Global Logistics by 20.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,807,045 shares of the transportation company’s stock worth $35,960,000 after buying an additional 309,610 shares during the last quarter. Franklin Resources Inc. raised its position in Echo Global Logistics by 25.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,393,246 shares of the transportation company’s stock worth $27,726,000 after buying an additional 279,142 shares during the last quarter. Lazard Asset Management LLC raised its position in Echo Global Logistics by 100.6% during the 2nd quarter. Lazard Asset Management LLC now owns 499,146 shares of the transportation company’s stock worth $9,933,000 after buying an additional 250,270 shares during the last quarter. Finally, Northern Trust Corp raised its position in Echo Global Logistics by 51.7% during the 2nd quarter. Northern Trust Corp now owns 623,201 shares of the transportation company’s stock worth $12,401,000 after buying an additional 212,341 shares during the last quarter. 86.07% of the stock is owned by institutional investors.

The stock has a 50-day moving average price of $18.25 and a 200-day moving average price of $18.01. The firm’s market capitalization is $680.54 million.

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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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