Short Interest in Energy Recovery, Inc. (NASDAQ:ERII) Drops By 5.6%

Energy Recovery, Inc. (NASDAQ:ERII) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 2,370,000 shares, a decrease of 5.6% from the March 31st total of 2,510,000 shares. Currently, 4.3% of the shares of the company are short sold. Based on an average daily volume of 441,700 shares, the days-to-cover ratio is currently 5.4 days.

Analyst Ratings Changes

Separately, Evercore ISI lowered their target price on Energy Recovery from $26.00 to $24.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th.

Insider Activity

In other Energy Recovery news, CEO David W. Moon purchased 10,750 shares of the stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost of $15.51 per share, with a total value of $166,732.50. Following the completion of the acquisition, the chief executive officer now directly owns 19,250 shares in the company, valued at approximately $298,567.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Energy Recovery news, Director Robert Yu Lang Mao sold 38,025 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.21, for a total value of $616,385.25. Following the transaction, the director now owns 176,112 shares of the company’s stock, valued at $2,854,775.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO David W. Moon bought 10,750 shares of the stock in a transaction on Tuesday, February 27th. The stock was purchased at an average cost of $15.51 per share, for a total transaction of $166,732.50. Following the acquisition, the chief executive officer now owns 19,250 shares of the company’s stock, valued at approximately $298,567.50. The disclosure for this purchase can be found here. Insiders have sold a total of 93,913 shares of company stock valued at $1,478,808 over the last ninety days. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Energy Recovery

Several institutional investors have recently made changes to their positions in the business. Millburn Ridgefield Corp bought a new position in Energy Recovery during the third quarter valued at approximately $29,000. Catalyst Capital Advisors LLC bought a new position in Energy Recovery during the third quarter valued at approximately $29,000. Clear Street Markets LLC bought a new position in Energy Recovery during the third quarter valued at approximately $33,000. Sentry Investment Management LLC bought a new position in Energy Recovery during the fourth quarter valued at approximately $117,000. Finally, Clear Creek Financial Management LLC bought a new position in Energy Recovery during the first quarter valued at approximately $244,000. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Up 1.0 %

ERII traded up $0.15 during midday trading on Tuesday, reaching $15.01. The company had a trading volume of 142,152 shares, compared to its average volume of 444,045. The business has a 50-day moving average of $14.91 and a two-hundred day moving average of $16.67. The company has a market cap of $860.52 million, a P/E ratio of 40.16 and a beta of 1.27. Energy Recovery has a 1 year low of $13.41 and a 1 year high of $30.76.

Energy Recovery (NASDAQ:ERII) last released its earnings results on Wednesday, February 21st. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). Energy Recovery had a return on equity of 11.99% and a net margin of 16.75%. The business had revenue of $57.19 million for the quarter, compared to analysts’ expectations of $63.57 million. During the same quarter in the prior year, the business posted $0.24 EPS. The business’s revenue for the quarter was up 35.2% compared to the same quarter last year. On average, equities research analysts predict that Energy Recovery will post 0.42 EPS for the current 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.