Energy Recovery, Inc. (NASDAQ:ERII) Director Arve Hanstveit Sells 20,000 Shares

Energy Recovery, Inc. (NASDAQ:ERII - Get Free Report) Director Arve Hanstveit sold 20,000 shares of Energy Recovery stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total transaction of $337,400.00. Following the transaction, the director now directly owns 743,182 shares in the company, valued at approximately $12,537,480.34. This represents a 2.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Energy Recovery Price Performance

NASDAQ:ERII traded down $0.10 on Tuesday, reaching $16.09. 317,196 shares of the company's stock were exchanged, compared to its average volume of 433,981. The firm has a market cap of $931.51 million, a price-to-earnings ratio of 47.26 and a beta of 1.18. The stock has a fifty day simple moving average of $17.47 and a 200-day simple moving average of $16.01. Energy Recovery, Inc. has a 52 week low of $12.26 and a 52 week high of $20.27.

Energy Recovery (NASDAQ:ERII - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.01. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The company had revenue of $38.60 million for the quarter, compared to analyst estimates of $37.37 million. During the same period in the previous year, the company posted $0.17 EPS. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Energy Recovery, Inc. will post 0.39 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Evercore ISI dropped their price target on Energy Recovery from $23.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, November 19th. B. Riley lowered their target price on Energy Recovery from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, November 19th. Fearnley Fonds lowered shares of Energy Recovery from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, November 6th. Scotiabank began coverage on shares of Energy Recovery in a research report on Thursday, December 5th. They issued a "buy" rating and a $22.00 price objective on the stock. Finally, Seaport Res Ptn upgraded shares of Energy Recovery to a "strong-buy" rating in a research note on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $20.75.

Institutional Trading of Energy Recovery

Several institutional investors and hedge funds have recently bought and sold shares of ERII. Baillie Gifford & Co. bought a new stake in shares of Energy Recovery during the 3rd quarter valued at about $15,237,000. Alpha Wave Global LP lifted its position in Energy Recovery by 93.0% during the third quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company's stock valued at $20,374,000 after purchasing an additional 564,463 shares during the last quarter. Millennium Management LLC grew its stake in Energy Recovery by 130.3% in the 2nd quarter. Millennium Management LLC now owns 356,595 shares of the industrial products company's stock worth $4,739,000 after buying an additional 201,770 shares in the last quarter. KBC Group NV increased its holdings in shares of Energy Recovery by 14.1% in the 3rd quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company's stock worth $21,533,000 after buying an additional 153,381 shares during the last quarter. Finally, Roubaix Capital LLC purchased a new stake in shares of Energy Recovery during the 2nd quarter valued at $1,841,000. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

About Energy Recovery

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells energy efficiency technology solutions in the Americas, the Middle East, Africa, Asia, and Europe. The company operates through Water and Emerging Technologies segments. The company offers high and low pressure, and ultra pressure exchangers; AT and LPT hydraulic turbochargers; and high-pressure feed and circulation booster pumps for use in seawater and brackish desalination, and wastewater treatment.

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