Dougherty & Co Cuts Echelon to Sell (ELON)
Echelon (NASDAQ: ELON) was downgraded by analysts at Dougherty & Co from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Thursday. They currently have a $3.25 price target on the stock, down from their previous price target of $6.50.
A number of other firms have also recently commented on ELON. Analysts at Wedbush cut their price target on shares of Echelon from $7.00 to $5.00 in a research note to investors on Thursday. Separately, analysts at Needham & Company cut their price target on shares of Echelon from $9.00 to $7.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Piper Jaffray (NYSE: PJC) upgraded shares of Echelon from a “neutral” rating to an “overweight” rating in a research note to investors on Friday, March 2nd.
Shares of Echelon opened at 3.88 on Thursday. Echelon has a 52 week low of $3.80 and a 52 week high of $10.58. The company’s market cap is $164.2 million.
Echelon last announced its earnings results on Wednesday, May 9th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company’s quarterly revenue was up 41.9% on a year-over-year basis. Analysts expect that Echelon will post $-0.07 EPS next quarter.
Echelon Corporation is an energy control networking company. Echelon technologies connect more than 35 million homes, 300,000 buildings and 100 million devices to the smart grid.