Short Interest in CECO Environmental Corp. (NASDAQ:CECO) Decreases By 12.9%

CECO Environmental Corp. (NASDAQ:CECO) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 1,830,000 shares, a drop of 12.9% from the January 15th total of 2,100,000 shares. Currently, 6.2% of the company’s stock are short sold. Based on an average daily volume of 301,400 shares, the short-interest ratio is presently 6.1 days.

CECO Environmental Stock Performance

CECO Environmental stock traded down $1.16 during trading on Friday, reaching $24.27. The company had a trading volume of 286,725 shares, compared to its average volume of 322,316. CECO Environmental has a 52 week low of $18.50 and a 52 week high of $35.16. The firm’s 50-day simple moving average is $29.90 and its 200 day simple moving average is $28.46. The firm has a market capitalization of $848.96 million, a price-to-earnings ratio of 73.55, a price-to-earnings-growth ratio of 1.64 and a beta of 1.41. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50.

Hedge Funds Weigh In On CECO Environmental

Institutional investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. raised its holdings in CECO Environmental by 71.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock worth $40,000 after purchasing an additional 591 shares during the period. Heck Capital Advisors LLC bought a new position in CECO Environmental in the 4th quarter worth $74,000. Quest Partners LLC bought a new position in CECO Environmental in the 3rd quarter worth $69,000. Morse Asset Management Inc bought a new position in CECO Environmental in the 3rd quarter worth $76,000. Finally, Jones Financial Companies Lllp raised its holdings in CECO Environmental by 127.0% in the 4th quarter. Jones Financial Companies Lllp now owns 2,963 shares of the company’s stock worth $90,000 after purchasing an additional 1,658 shares during the period. 68.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CECO has been the topic of several recent analyst reports. Craig Hallum increased their target price on CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 6th. 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 note on Wednesday, October 30th. Northland Securities raised their price target on CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, December 20th. Finally, HC Wainwright downgraded CECO Environmental from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.20.

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.