CECO Environmental Corp. (NASDAQ:CECO) Sees Large Increase in Short Interest

CECO Environmental Corp. (NASDAQ:CECO) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 2,210,000 shares, an increase of 10.0% from the December 15th total of 2,010,000 shares. Based on an average daily volume of 289,100 shares, the days-to-cover ratio is currently 7.6 days. Currently, 7.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Hood River Capital Management LLC acquired a new position in shares of CECO Environmental during the second quarter worth approximately $15,495,000. Thrivent Financial for Lutherans acquired a new position in CECO Environmental during the 2nd quarter worth $11,857,000. Van ECK Associates Corp grew its stake in shares of CECO Environmental by 466.4% in the third quarter. Van ECK Associates Corp now owns 379,877 shares of the company’s stock worth $10,082,000 after purchasing an additional 312,803 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of CECO Environmental by 65.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 484,518 shares of the company’s stock valued at $13,663,000 after purchasing an additional 191,286 shares during the period. Finally, Fred Alger Management LLC raised its stake in shares of CECO Environmental by 135.9% during the third quarter. Fred Alger Management LLC now owns 312,810 shares of the company’s stock valued at $8,821,000 after purchasing an additional 180,221 shares in the last quarter. Institutional investors own 68.08% of the company’s stock.

Analyst Ratings Changes

CECO has been the subject of a number of research reports. HC Wainwright downgraded CECO Environmental from a “buy” rating to a “neutral” rating in a research note on Friday. Northland Securities lifted their target price on CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, December 20th. Needham & Company LLC dropped their price target on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, Craig Hallum lifted their price objective on shares of CECO Environmental from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CECO Environmental has a consensus rating of “Moderate Buy” and an average price target of $36.20.

CECO Environmental Stock Performance

Shares of NASDAQ CECO traded down $2.55 during mid-day trading on Friday, hitting $29.60. The company had a trading volume of 1,752,692 shares, compared to its average volume of 196,027. CECO Environmental has a 12 month low of $18.50 and a 12 month high of $35.16. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 89.70, a PEG ratio of 1.68 and a beta of 1.43. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 1.12. The firm’s 50 day simple moving average is $30.71 and its two-hundred day simple moving average is $28.62.

CECO Environmental (NASDAQ:CECO) last posted its earnings results 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). The company had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 earnings per share. As a group, equities research analysts forecast that CECO Environmental will post 0.79 earnings per share for the current year.

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.