Short Interest in Echo Global Logistics, Inc. (NASDAQ:ECHO) Expands By 24.6%

Echo Global Logistics, Inc. (NASDAQ:ECHO) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,420,000 shares, a growth of 24.6% from the September 30th total of 1,140,000 shares. Currently, 5.4% of the company’s shares are short sold. Based on an average daily trading volume, of 233,300 shares, the days-to-cover ratio is currently 6.1 days.

ECHO has been the topic of several research analyst reports. Credit Suisse Group boosted their price target on shares of Echo Global Logistics from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. UBS Group set a $23.00 price target on shares of Echo Global Logistics and gave the company a “hold” rating in a research report on Friday, July 26th. ValuEngine upgraded shares of Echo Global Logistics from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research cut shares of Echo Global Logistics from a “hold” rating to a “sell” rating in a research report on Tuesday, October 22nd. Finally, BidaskClub cut shares of Echo Global Logistics from a “buy” rating to a “hold” rating in a research report on Friday. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $25.40.

A number of institutional investors have recently modified their holdings of ECHO. Tower Research Capital LLC TRC lifted its position in Echo Global Logistics by 265.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,024 shares of the transportation company’s stock valued at $63,000 after purchasing an additional 2,196 shares during the period. Strs Ohio purchased a new stake in Echo Global Logistics during the third quarter valued at approximately $70,000. Quantamental Technologies LLC purchased a new stake in Echo Global Logistics during the second quarter valued at approximately $78,000. Convergence Investment Partners LLC purchased a new stake in Echo Global Logistics during the second quarter valued at approximately $119,000. Finally, First Trust Advisors LP purchased a new stake in Echo Global Logistics during the first quarter valued at approximately $208,000. Institutional investors own 95.13% of the company’s stock.

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ECHO traded down $0.19 during midday trading on Friday, reaching $20.63. The company’s stock had a trading volume of 180,600 shares, compared to its average volume of 229,756. The firm has a market capitalization of $569.92 million, a price-to-earnings ratio of 12.73, a PEG ratio of 1.01 and a beta of 1.91. The stock’s 50-day moving average is $22.00 and its 200-day moving average is $21.06. Echo Global Logistics has a 1 year low of $18.00 and a 1 year high of $26.25. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.49.

Echo Global Logistics (NASDAQ:ECHO) last issued its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.02. The company had revenue of $561.44 million for the quarter, compared to the consensus estimate of $548.10 million. Echo Global Logistics had a net margin of 0.91% and a return on equity of 9.70%. The firm’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 earnings per share. As a group, equities research analysts forecast that Echo Global Logistics will post 1.18 earnings per share for the current fiscal year.

Echo Global Logistics Company Profile

Echo Global Logistics, Inc provides technology-enabled transportation and supply chain management solutions in the United States. It utilizes a proprietary technology platform to compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics needs.

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