CECO Environmental (NASDAQ:CECO) Shares Gap Down – What’s Next?

CECO Environmental Corp. (NASDAQ:CECO)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $32.15, but opened at $28.06. CECO Environmental shares last traded at $28.92, with a volume of 430,033 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Craig Hallum upped their target price on CECO Environmental from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Needham & Company LLC dropped their price objective on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. HC Wainwright lowered shares of CECO Environmental from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Northland Securities lifted their price objective on CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, December 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, CECO Environmental currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

CECO Environmental Stock Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of 88.88, a price-to-earnings-growth ratio of 1.68 and a beta of 1.43. The company has a fifty day moving average of $30.62 and a two-hundred day moving average of $28.60. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 1.12.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CECO. Essex Investment Management Co. LLC boosted its position in CECO Environmental by 0.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 208,426 shares of the company’s stock worth $5,878,000 after acquiring an additional 562 shares during the period. First Horizon Advisors Inc. grew its position in CECO Environmental by 71.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock valued at $40,000 after buying an additional 591 shares in the last quarter. Private Advisor Group LLC increased its stake in CECO Environmental by 5.8% during the 3rd quarter. Private Advisor Group LLC now owns 16,065 shares of the company’s stock valued at $453,000 after buying an additional 885 shares during the period. Quest Partners LLC bought a new stake in shares of CECO Environmental during the 3rd quarter worth about $69,000. Finally, Morse Asset Management Inc bought a new position in shares of CECO Environmental in the third quarter valued at approximately $76,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

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.