CECO Environmental (NASDAQ:CECO) Shares Gap Up - Here's Why

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $19.20, but opened at $21.47. CECO Environmental shares last traded at $22.67, with a volume of 109,231 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CECO. Needham & Company LLC increased their price objective on shares of CECO Environmental from $33.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday. HC Wainwright raised shares of CECO Environmental from a "neutral" rating to a "buy" rating and set a $33.00 price target on the stock in a report on Wednesday. Finally, Craig Hallum upped their target price on CECO Environmental from $34.00 to $40.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CECO Environmental currently has a consensus rating of "Buy" and an average target price of $36.00.

CECO Environmental Stock Performance

The stock's 50-day simple moving average is $22.19 and its 200-day simple moving average is $26.42. The stock has a market cap of $912.82 million, a price-to-earnings ratio of 78.55, a price-to-earnings-growth ratio of 1.39 and a beta of 1.30. 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 - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The firm had revenue of $176.70 million during the quarter, compared to analysts' expectations of $151.53 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. CECO Environmental's quarterly revenue was up 39.9% compared to the same quarter last year. Analysts forecast that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CECO Environmental news, insider Peter K. Johansson sold 22,500 shares of the firm's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $22.80, for a total value of $513,000.00. Following the sale, the insider now owns 62,160 shares of the company's stock, valued at approximately $1,417,248. This trade represents a 26.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard F. Wallman bought 1,000 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was acquired at an average price of $25.15 per share, for a total transaction of $25,150.00. Following the transaction, the director now owns 207,117 shares of the company's stock, valued at approximately $5,208,992.55. The trade was a 0.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 18.40% of the company's stock.

Institutional Investors Weigh In On CECO Environmental

Several hedge funds have recently modified their holdings of CECO. Mackenzie Financial Corp bought a new position in CECO Environmental in the fourth quarter valued at about $56,000. Heck Capital Advisors LLC acquired a new stake in CECO Environmental during the 4th quarter worth approximately $74,000. Jones Financial Companies Lllp increased its position in CECO Environmental by 127.0% in the 4th quarter. Jones Financial Companies Lllp now owns 2,963 shares of the company's stock valued at $90,000 after acquiring an additional 1,658 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of CECO Environmental during the fourth quarter valued at $218,000. Finally, ProShare Advisors LLC acquired a new position in shares of CECO Environmental during the fourth quarter worth $249,000. Institutional investors and hedge funds 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.