Ceco Environmental (CECE) Received its Third Buy in a Row

After H.C. Wainwright and Maxim Group gave Ceco Environmental (NASDAQ: CECE) a Buy rating last month, the company received another Buy, this time from Needham. Analyst James Ricchiuti reiterated a Buy rating on Ceco Environmental today and set a price target of $10.00. The company’s shares closed last Tuesday at $7.33.

According to TipRanks.com, Ricchiuti is a 5-star analyst with an average return of 21.9% and a 64.8% success rate. Ricchiuti covers the Technology sector, focusing on stocks such as Benchmark Electronics, Teledyne Technologies, and Faro Technologies.

Currently, the analyst consensus on Ceco Environmental is a Strong Buy with an average price target of $12.00, which is a 67.4% upside from current levels. In a report issued on May 7, H.C. Wainwright also maintained a Buy rating on the stock with a $15.00 price target.

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Based on Ceco Environmental’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $82.93 million and net profit of $1.78 million. In comparison, last year the company earned revenue of $80.49 million and had a net profit of $3.41 million.

Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CECE in relation to earlier this year. Most recently, in March 2021, Jonathan Pollack, a Director at CECE bought 2,000 shares for a total of $13,320.

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CECO Environmental Corp. engages in the provision of engineering technology and solutions. It offers services in the field of environment, energy, fluid handling, and filtration. The firm operates through the following segments: Energy Solutions, Industrial Solutions, Fluid Handling Solutions, and Corporate and Other. The Energy Solutions segment improves air quality and solves fluid handling needs with market engineered, and customized solutions for the power generation, oil and gas, and petrochemical industries. The Industrial Solutions segment serves the industrial pollution control market. The Fluid Handling Solutions segment provides pump and filtration solutions that maintain safe and clean operations in some of the most harsh and toxic environments. The company was founded by Phillip DeZwirek in 1966 and is headquartered in Dallas, TX.