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

CECO Environmental Corp. (NASDAQ:CECO) saw a large increase in short interest in the month of 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. Based on an average daily volume of 223,900 shares, the days-to-cover ratio is presently 8.2 days. Currently, 6.2% of the company’s shares are sold short.

CECO Environmental Stock Up 4.2 %

Shares of CECO stock traded up $1.10 during midday trading on Friday, reaching $27.20. 476,477 shares of the stock were exchanged, compared to its average volume of 268,672. CECO Environmental has a 1 year low of $18.50 and a 1 year high of $31.55. The firm 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. The company’s 50 day moving average is $26.60 and its two-hundred day moving average is $26.54. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The firm had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. During the same quarter last year, the company posted $0.22 EPS. CECO Environmental’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, equities research analysts predict that CECO Environmental will post 0.79 EPS for the current year.

Insider Buying and Selling

In related news, Director Richard F. Wallman acquired 10,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was purchased at an average price of $28.77 per share, with a total value of $287,700.00. Following the completion of the purchase, the director now owns 62,000 shares in the company, valued at $1,783,740. This trade represents a 19.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in CECO Environmental by 1.7% in the third quarter. Geode Capital Management LLC now owns 689,487 shares of the company’s stock worth $19,448,000 after buying an additional 11,857 shares in the last quarter. Barclays PLC grew its holdings in CECO Environmental by 115.0% during the 3rd quarter. Barclays PLC now owns 63,615 shares of the company’s stock valued at $1,795,000 after buying an additional 34,027 shares in the last quarter. Gordian Capital Singapore Pte Ltd increased its position in CECO Environmental by 153.9% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 35,500 shares of the company’s stock worth $1,001,000 after purchasing an additional 21,517 shares during the last quarter. SageView Advisory Group LLC lifted its position in CECO Environmental by 89.4% during the third quarter. SageView Advisory Group LLC now owns 28,840 shares of the company’s stock valued at $813,000 after purchasing an additional 13,615 shares during the last quarter. Finally, Morse Asset Management Inc purchased a new position in CECO Environmental in the third quarter worth about $76,000. 68.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CECO shares. Northland Securities raised their price target on shares of CECO Environmental from $28.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a research report on Wednesday, October 30th. Craig Hallum lifted their price objective on CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC decreased their target price on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Roth Mkm raised their price target on CECO Environmental from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $34.40.

About CECO Environmental

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.