Echo Global Logistics, Inc. (ECHO) Not Resonating With Top Investors

Due to the fact that Echo Global Logistics, Inc. (NASDAQ:ECHO) has experienced a declination in interest from hedge fund managers, it’s easy to see that there lies a certain “tier” of money managers that decided to sell off their full holdings last quarter. At the top of the heap, Anand Parekh’s Alyeska Investment Group sold off the largest position of all the hedgies watched by Insider Monkey, worth about $5.7 million in stock, and Steve Cohen’s Point72 Asset Management was right behind this move, as the fund cut about $4.3 million worth of shares. These moves are intriguing to say the least, as total hedge fund interest fell by 3 funds last quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Echo Global Logistics, Inc. (NASDAQ:ECHO) but similarly valued. We will take a look at Navios Maritime Partners L.P. (NYSE:NMM), Photronics, Inc. (NASDAQ:PLAB), Cavco Industries, Inc. (NASDAQ:CVCO), and Materion Corp (NYSE:MTRN). This group of stocks’ market caps are closest to ECHO’s market cap.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $61 million. That figure was $73 million in ECHO’s case. Photronics, Inc. (NASDAQ:PLAB) is the most popular stock in this table. On the other hand Navios Maritime Partners L.P. (NYSE:NMM) is the least popular one with only 4 bullish hedge fund positions. Echo Global Logistics, Inc. (NASDAQ:ECHO) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PLAB might be a better candidate to consider a long position in.