Energy Recovery (NASDAQ:ERII) Shares Up 5.7% – Here’s What Happened

Energy Recovery, Inc. (NASDAQ:ERII)’s stock price traded up 5.7% during mid-day 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 research firms recently weighed in on ERII. Scotiabank began coverage on Energy Recovery in a research note on Thursday, December 5th. They set a “buy” rating and a $22.00 price target on the stock. Fearnley Fonds lowered Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. B. Riley decreased their price target on shares of Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. Seaport Res Ptn upgraded shares of Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, Evercore ISI lowered their price target on shares of Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $20.75.

Energy Recovery Trading Up 2.3 %

The firm has a market cap of $869.57 million, a P/E ratio of 44.19 and a beta of 1.18. The stock has a 50 day simple moving average of $14.76 and a 200-day simple moving average of $16.29.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results 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 firm had revenue of $67.08 million during 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%. As a group, equities analysts forecast that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Arve Hanstveit sold 20,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $16.87, for a total transaction of $337,400.00. Following the transaction, the director now directly owns 743,182 shares of the company’s stock, valued at $12,537,480.34. This represents a 2.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Rodney Clemente sold 21,444 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $15.42, for a total value of $330,666.48. Following the sale, the senior vice president now owns 111,109 shares in the company, valued at approximately $1,713,300.78. The trade was a 16.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Avanza Fonder AB acquired a new stake in shares of Energy Recovery during the 4th quarter worth $107,000. Schroder Investment Management Group bought a new position in Energy Recovery in the 4th quarter worth about $160,000. Nebula Research & Development LLC increased its stake in shares of Energy Recovery by 6.3% during the fourth quarter. Nebula Research & Development LLC now owns 11,577 shares of the industrial products company’s stock valued at $170,000 after acquiring an additional 687 shares during the period. Pinnacle Associates Ltd. acquired a new position in shares of Energy Recovery in the 3rd quarter worth approximately $193,000. Finally, Polymer Capital Management US LLC purchased a new stake in shares of Energy Recovery during the fourth quarter valued at $211,000. 83.58% of the stock is currently owned by institutional investors and hedge funds.

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.