Crispr Therapeutics shares tumble after significant earnings miss
Richard Wallman, a director at CECO Environmental Corp (NASDAQ:CECO), recently acquired shares of the company, according to a filing with the Securities and Exchange Commission. The $858 million market cap company, which currently trades near $24.50, has seen its stock decline nearly 19% year-to-date, though InvestingPro analysis shows analyst price targets ranging from $33 to $40. On February 26, Wallman purchased a total of 15,000 shares of CECO’s common stock. The transactions, which took place in multiple trades, were executed at prices ranging from $25.15 to $25.1869 per share, amounting to a total investment of approximately $377,766.
The purchases included 1,000 shares acquired directly and 14,000 shares bought indirectly through his spouse. Following these acquisitions, Wallman now holds a total of 207,117 shares directly, with an additional 76,000 shares owned indirectly. This move reflects Wallman’s continued commitment to the company, adding to his significant stake in CECO Environmental.
In other recent news, CECO Environmental Corp. announced a reduction in its full-year 2024 revenue guidance, citing delays in customer-driven projects. The company now expects to report revenues between $555 to $558 million, down from the previously projected $575 to $600 million. Adjusted EBITDA is also anticipated to be lower, with estimates now between $62 to $63 million, compared to the initial forecast of $65 to $70 million. Despite these setbacks, CECO achieved over $210 million in bookings for Q4 2024, setting a new company record. The company has also completed the acquisition of Verantis Environmental Solutions Group and plans to divest its Fluid Handling business by late Q1 2025 to reduce debt and support strategic growth. Looking ahead, CECO maintains its full-year 2025 outlook, projecting revenues of $700 to $750 million and Adjusted EBITDA of $90 to $100 million. Analyst Aaron Spychalla from Craig-Hallum increased the price target for CECO to $40, maintaining a Buy rating, following CECO’s acquisition of Profire Energy (NASDAQ:PFIE) for $123 million. This acquisition aligns with CECO’s strategy to expand in the Energy and Industrial sectors, with a focus on Energy Transition. Spychalla expressed optimism about CECO’s growth prospects, highlighting potential for double-digit organic growth and a strong backlog.
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