CECO Environmental Corp. (NASDAQ:CECO) Sees Significant Growth in Short Interest

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 1,830,000 shares, an increase of 21.2% from the October 15th total of 1,510,000 shares. Approximately 6.2% of the company's stock are short sold. Based on an average trading volume of 223,900 shares, the days-to-cover ratio is presently 8.2 days.

Wall Street Analyst Weigh In

CECO has been the topic of a number of research analyst reports. Needham & Company LLC cut their price target on shares of CECO Environmental from $35.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, October 30th. Roth Mkm lifted their target price on shares of CECO Environmental from $26.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. HC Wainwright restated a "buy" rating and set a $35.00 price target on shares of CECO Environmental in a research note on Wednesday, October 30th. Northland Securities lifted their price objective on shares of CECO Environmental from $28.00 to $35.00 and gave the company an "outperform" rating in a research note on Thursday, August 1st. Finally, Craig Hallum boosted their target price on shares of CECO Environmental from $28.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, July 31st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $34.40.

CECO Environmental Price Performance

NASDAQ:CECO traded up $1.10 during mid-day trading on Friday, hitting $27.20. 476,477 shares of the stock traded hands, compared to its average volume of 268,672. The business's 50-day moving average price is $26.60 and its 200 day moving average price is $26.54. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The company has a market cap of $951.43 million, a PE ratio of 82.42, a price-to-earnings-growth ratio of 2.18 and a beta of 1.35. CECO Environmental has a 12-month low of $18.50 and a 12-month high of $31.55.

CECO Environmental (NASDAQ:CECO - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.05). CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The firm had revenue of $135.50 million for the quarter, compared to analysts' expectations of $155.94 million. During the same quarter last year, the firm earned $0.22 earnings per share. The firm's revenue for the quarter was down 9.3% on a year-over-year basis. On average, analysts expect that CECO Environmental will post 0.79 EPS for the current fiscal year.

Insider Transactions at CECO Environmental

In other CECO Environmental news, Director Richard F. Wallman bought 10,000 shares of CECO Environmental stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $28.77 per share, with a total value of $287,700.00. Following the completion of the acquisition, the director now directly owns 62,000 shares in the company, valued at approximately $1,783,740. The trade was a 19.23 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 16.90% of the company's stock.

Institutional Trading of CECO Environmental

Institutional investors and hedge funds have recently modified their holdings of the business. First Horizon Advisors Inc. grew its holdings in shares of CECO Environmental by 71.6% during the third quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company's stock worth $40,000 after purchasing an additional 591 shares in the last quarter. CWM LLC grew its stake in CECO Environmental by 45.3% in the 2nd quarter. CWM LLC now owns 2,270 shares of the company's stock worth $65,000 after buying an additional 708 shares in the last quarter. Quest Partners LLC bought a new position in shares of CECO Environmental in the 3rd quarter worth $69,000. Morse Asset Management Inc purchased a new stake in shares of CECO Environmental during the 3rd quarter valued at $76,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of CECO Environmental during the 1st quarter valued at $72,000. Hedge funds and other institutional investors own 68.08% of the company's stock.

CECO Environmental Company Profile

CECO Environmental Corp. provides critical solutions in industrial air quality, industrial water treatment, and energy transition solutions worldwide. It operates in two segments: Engineered Systems and Industrial Process Solutions. The company engineers, designs, manufactures, and installs non-metallic expansion joints and flow control products, including rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves; membrane-based industrial water and wastewater treatment systems; and provides dust and fume extraction solutions comprising consultation, design, manufacturing, installation, and service, as well as water and wastewater treatment solutions.

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