Energy Recovery, Inc. (NASDAQ:ERII) Sees Large Decline in Short Interest

Energy Recovery, Inc. (NASDAQ:ERIIGet Free Report) saw a large drop in short interest in 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. Based on an average daily trading volume, of 471,400 shares, the days-to-cover ratio is currently 3.4 days. Approximately 2.9% of the shares of the company are short sold.

Energy Recovery Stock Performance

ERII traded up $0.42 during trading on Friday, reaching $14.77. 366,601 shares of the company traded hands, compared to its average volume of 286,385. The company has a market cap of $855.04 million, a P/E ratio of 43.44 and a beta of 1.18. Energy Recovery has a 12-month low of $12.26 and a 12-month high of $20.27. The firm has a fifty day simple moving average of $15.73 and a 200 day simple moving average of $16.28.

Energy Recovery (NASDAQ:ERIIGet Free Report) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The company had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $37.37 million. During the same period last year, the company posted $0.17 earnings per share. Energy Recovery’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts expect that Energy Recovery will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Energy Recovery news, CTO Farshad Ghasripoor sold 10,526 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $189,152.22. Following the transaction, the chief technology officer now owns 126,961 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, Director Arve Hanstveit sold 20,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $16.87, for a total value of $337,400.00. Following the sale, the director now owns 743,182 shares of the company’s stock, valued at approximately $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. In the last ninety days, insiders sold 63,406 shares of company stock worth $1,166,088. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC boosted its stake in Energy Recovery by 5,032.5% during the third quarter. CWM LLC now owns 4,260 shares of the industrial products company’s stock worth $74,000 after buying an additional 4,177 shares during the period. Avanza Fonder AB purchased a new position in Energy Recovery during the 4th quarter valued at $107,000. AXA S.A. bought a new position in shares of Energy Recovery in the second quarter worth about $149,000. AQR Capital Management LLC increased its stake in Energy Recovery by 19.8% in the 2nd quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock worth $159,000 after buying an additional 1,986 shares during the period. Finally, Pinnacle Associates Ltd. bought a new stake in Energy Recovery during the 3rd quarter valued at about $193,000. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on ERII shares. Scotiabank initiated coverage on Energy Recovery in a report on Thursday, December 5th. They issued a “buy” rating and a $22.00 target price on the stock. B. Riley lowered their price objective on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Seaport Res Ptn upgraded shares of Energy Recovery to a “strong-buy” rating in a research note on Thursday, December 5th. Fearnley Fonds downgraded shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Evercore ISI decreased 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. Two investment 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. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $20.75.

View Our Latest Stock Report on Energy Recovery

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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