.jpg "Echo Global Logistics (NASDAQ: ECHO)")
Barrington analyst Kevin Steinke maintained a Buy rating on Echo Global Logistics (NASDAQ: ECHO) today and set a price target of $37. The company’s shares closed yesterday at $25.55.
Steinke said:
“We forecast gross revenue of $630.5 million (+23.7% YOY). Guidance is $610-650 million (up 20-28% FactSet consensus is $634.8 million. We believe that Q3/18 growth continued to benefit from relatively favorable market conditions, including solid freight demand and constrained trucking capacity (supported by ongoing driver shortages in a tight labor market). Gross revenue growth in Q3/18 likely continued to benefit from higher truckload rates resulting from these market conditions. The average of weekly van rates published by DAT Trendlines in Q3/18 increased 20% versus last year’s third quarter average. However, the magnitude of year-over-year increases moderated throughout the quarter as year-over-year comparisons became more difficult and as rates came down from record highs reached in July.”
According to TipRanks.com, Steinke is a 1-star analyst with an average return of -2.5% and a 35.7% success rate. Steinke covers the Services sector, focusing on stocks such as Cross Country Healthcare, Heidrick & Struggles, and Navigant Consulting.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Echo Global Logistics with a $34.67 average price target.
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Based on Echo Global Logistics’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $7.68 million. In comparison, last year the company had a net profit of $2.39 million.
Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is negative on the stock. Most recently, in July 2018, Kyle Sauers, the CFO of ECHO sold 6,000 shares for a total of $200,940.
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Echo Global Logistics, Inc. engages in the provision of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform serving the transportation and logistics needs of its clients.
