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

Energy Recovery, Inc. (NASDAQ:ERII) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 5,529,100 shares, a growth of 5.8% from the July 31st total of 5,228,000 shares. Approximately 16.7% of the company’s shares are short sold. Based on an average daily volume of 215,600 shares, the days-to-cover ratio is currently 25.6 days.

Shares of Energy Recovery stock traded down $0.69 during trading hours on Friday, hitting $10.07. The company’s stock had a trading volume of 26,570 shares, compared to its average volume of 261,380. Energy Recovery has a 12 month low of $6.17 and a 12 month high of $12.04. The stock has a 50 day moving average of $9.81 and a 200 day moving average of $9.72. The company has a market capitalization of $591.42 million, a PE ratio of 50.35 and a beta of 4.39. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.09 and a quick ratio of 4.76.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.02. Energy Recovery had a return on equity of 10.89% and a net margin of 20.21%. The company had revenue of $22.80 million during the quarter, compared to the consensus estimate of $20.53 million. During the same period in the prior year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Equities analysts expect that Energy Recovery will post 0.12 EPS for the current year.

In related news, VP Rodney Clemente sold 36,946 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $11.92, for a total value of $440,396.32. Following the completion of the sale, the vice president now owns 81,299 shares in the company, valued at $969,084.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 37,635 shares of company stock valued at $447,339 in the last quarter. 23.80% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in ERII. BNP Paribas Arbitrage SA increased its holdings in shares of Energy Recovery by 53,485.7% in the first quarter. BNP Paribas Arbitrage SA now owns 7,502 shares of the industrial products company’s stock worth $65,000 after acquiring an additional 7,488 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Energy Recovery during the second quarter worth about $131,000. Cubist Systematic Strategies LLC bought a new position in shares of Energy Recovery during the second quarter worth about $147,000. ETF Managers Group LLC grew its holdings in shares of Energy Recovery by 9.8% during the first quarter. ETF Managers Group LLC now owns 17,413 shares of the industrial products company’s stock worth $152,000 after buying an additional 1,548 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Energy Recovery by 103.0% during the fourth quarter. Bank of America Corp DE now owns 30,488 shares of the industrial products company’s stock worth $205,000 after buying an additional 15,472 shares in the last quarter. Institutional investors own 33.33% of the company’s stock.

ERII has been the subject of a number of recent analyst reports. ValuEngine downgraded Energy Recovery from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. B. Riley set a $15.00 price objective on Energy Recovery and gave the company a “buy” rating in a report on Monday, July 15th. Evercore ISI reiterated a “buy” rating and issued a $18.00 price objective on shares of Energy Recovery in a report on Thursday, August 8th. BidaskClub downgraded Energy Recovery from a “hold” rating to a “sell” rating in a report on Friday, September 6th. Finally, Zacks Investment Research downgraded Energy Recovery from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Energy Recovery presently has an average rating of “Hold” and an average target price of $14.25.

About Energy Recovery

Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for small- to medium-sized desalination plants.

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