Shares of Energy Recovery, Inc. (NASDAQ:ERII - Get Free Report) traded up 5.7% during trading on Thursday . The company traded as high as $16.03 and last traded at $15.52. 52,193 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 254,221 shares. The stock had previously closed at $14.68.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on ERII. Fearnley Fonds lowered shares of Energy Recovery from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, November 6th. Seaport Res Ptn raised Energy Recovery to a "strong-buy" rating in a research report on Thursday, December 5th. Scotiabank began coverage on Energy Recovery in a research report on Thursday, December 5th. They set a "buy" rating and a $22.00 price target on the stock. B. Riley decreased their price objective on Energy Recovery from $22.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, November 19th. Finally, Evercore ISI lowered their price objective on shares of Energy Recovery from $23.00 to $20.00 and set an "outperform" rating for the company in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $20.75.
Read Our Latest Research Report on Energy Recovery
Energy Recovery Trading Up 1.1 %
The firm has a 50-day simple moving average of $14.76 and a 200-day simple moving average of $16.27. The firm has a market cap of $875.36 million, a P/E ratio of 44.47 and a beta of 1.18.
Energy Recovery (NASDAQ:ERII - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.01). The company had revenue of $67.08 million for the quarter, compared to the consensus estimate of $67.39 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. Research analysts predict that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.
Insider Activity
In related news, SVP Rodney Clemente sold 21,444 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 111,109 shares of the company's stock, valued at $1,713,300.78. This represents a 16.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arve Hanstveit sold 20,000 shares of Energy Recovery stock in a transaction 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 completion of the transaction, the director now directly owns 743,182 shares in the company, valued at $12,537,480.34. This represents a 2.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.10% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. Creative Planning grew its stake in shares of Energy Recovery by 53.5% during the third quarter. Creative Planning now owns 37,342 shares of the industrial products company's stock worth $649,000 after acquiring an additional 13,008 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Energy Recovery by 8.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,642 shares of the industrial products company's stock worth $307,000 after purchasing an additional 1,433 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in Energy Recovery during the 3rd quarter worth approximately $193,000. Summit Global Investments purchased a new stake in Energy Recovery during the 3rd quarter worth approximately $939,000. Finally, Versor Investments LP acquired a new position in Energy Recovery during the 3rd quarter valued at approximately $377,000. 83.58% of the stock is owned by institutional investors and hedge funds.
About Energy Recovery
(
Get Free Report)
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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