Energy Recovery, Inc. (NASDAQ:ERII) Short Interest Update

Energy Recovery, Inc. (NASDAQ:ERII - Get Free Report) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 1,620,000 shares, a drop of 5.8% from the December 15th total of 1,720,000 shares. Approximately 2.9% of the company's shares are short sold. Based on an average daily trading volume, of 471,400 shares, the short-interest ratio is presently 3.4 days.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CTO Farshad Ghasripoor sold 10,526 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.97, for a total value of $189,152.22. Following the completion of the sale, the chief technology officer now directly owns 126,961 shares of the company's stock, valued at $2,281,489.17. This represents a 7.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arve Hanstveit sold 20,000 shares of the firm's stock in a transaction dated Wednesday, December 11th. The shares were 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 $12,537,480.34. This trade represents a 2.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,406 shares of company stock valued at $1,166,088 in the last 90 days. Company insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ERII. Geode Capital Management LLC lifted its stake in Energy Recovery by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company's stock worth $23,631,000 after purchasing an additional 56,306 shares in the last quarter. KBC Group NV lifted its position in Energy Recovery by 14.1% during the third 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 in the last quarter. Alpha Wave Global LP boosted its stake 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 worth $20,374,000 after buying an additional 564,463 shares during the last quarter. Baillie Gifford & Co. purchased a new stake in Energy Recovery in the 3rd quarter valued at $15,237,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Energy Recovery by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company's stock valued at $8,150,000 after buying an additional 7,440 shares in the last quarter. Institutional investors and hedge funds own 83.58% of the company's stock.

Energy Recovery Price Performance

Energy Recovery stock traded up $0.42 during trading hours on Friday, hitting $14.77. 366,601 shares of the stock traded hands, compared to its average volume of 286,385. Energy Recovery has a 1 year low of $12.26 and a 1 year high of $20.27. The stock has a market capitalization of $855.04 million, a price-to-earnings ratio of 43.44 and a beta of 1.18. The firm's 50 day moving average price is $15.73 and its 200-day moving average price is $16.31.

Energy Recovery (NASDAQ:ERII - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. The company had revenue of $38.60 million during the quarter, compared to analyst estimates of $37.37 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. Energy Recovery's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.17 EPS. Research analysts forecast that Energy Recovery will post 0.36 earnings per share for the current fiscal year.

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.