Energy Recovery (NASDAQ:ERII) Shares Down 3.4% - Here's What Happened

Energy Recovery, Inc. (NASDAQ:ERII - Get Free Report)'s stock price dropped 3.4% on Monday . The stock traded as low as $15.92 and last traded at $15.83. Approximately 250,883 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 380,085 shares. The stock had previously closed at $16.38.

Analyst Ratings Changes

ERII has been the topic of a number of research analyst reports. Scotiabank initiated coverage on shares of Energy Recovery in a research note on Thursday, December 5th. They issued a "buy" rating and a $22.00 price target on the stock. Seaport Res Ptn raised shares of Energy Recovery to a "strong-buy" rating in a research report on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Energy Recovery currently has a consensus rating of "Buy" and an average target price of $20.75.

Energy Recovery Stock Performance

The company's fifty day simple moving average is $15.08 and its two-hundred day simple moving average is $16.14. The stock has a market capitalization of $888.90 million, a PE ratio of 47.75 and a beta of 1.21.

Energy Recovery (NASDAQ:ERII - Get Free Report) last released its earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 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 $67.08 million during the quarter, compared to analyst estimates of $67.39 million. Sell-side analysts forecast that Energy Recovery, Inc. will post 0.36 EPS for the current fiscal year.

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Insider Buying and Selling at Energy Recovery

In other Energy Recovery news, Director Arve Hanstveit sold 50,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total transaction of $817,000.00. Following the completion of the sale, the director now owns 693,182 shares in the company, valued at $11,326,593.88. The trade was a 6.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Rodney Clemente sold 21,444 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $15.42, for a total transaction of $330,666.48. Following the transaction, the senior vice president now directly owns 111,109 shares of the company's stock, valued at approximately $1,713,300.78. This trade represents a 16.18 % decrease in their position. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Energy Recovery

Several institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Energy Recovery by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company's stock worth $8,150,000 after purchasing an additional 7,440 shares in the last quarter. Alpha Wave Global LP grew its holdings 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. HighTower Advisors LLC grew its holdings in Energy Recovery by 10.6% during the third quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company's stock valued at $578,000 after purchasing an additional 3,176 shares during the last quarter. Barclays PLC grew its stake in shares of Energy Recovery by 376.6% in the third quarter. Barclays PLC now owns 96,677 shares of the industrial products company's stock worth $1,681,000 after acquiring an additional 76,393 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Energy Recovery by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company's stock worth $23,631,000 after acquiring an additional 56,306 shares during the last quarter. Institutional investors and hedge funds own 83.58% of the company's stock.

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.