Insider Selling: Energy Recovery, Inc. (NASDAQ:ERII) Director Sells $337,400.00 in Stock

Energy Recovery, Inc. (NASDAQ:ERII) Director Arve Hanstveit sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total value of $337,400.00. Following the transaction, the director now owns 743,182 shares in the company, valued at approximately $12,537,480.34. The trade was a 2.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Energy Recovery Trading Down 1.4 %

Shares of ERII opened at $15.16 on Friday. Energy Recovery, Inc. has a 1-year low of $12.26 and a 1-year high of $20.27. The firm’s 50-day moving average price is $17.29 and its 200-day moving average price is $16.01. The firm has a market capitalization of $877.67 million, a price-to-earnings ratio of 44.59 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings data 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 return on equity of 8.90% and a net margin of 14.35%. The business had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $37.37 million. During the same period in the previous year, the firm posted $0.17 EPS. The business’s revenue was up 4.3% on a year-over-year basis. On average, research analysts forecast that Energy Recovery, Inc. will post 0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Energy Recovery

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Energy Recovery by 376.6% during the 3rd quarter. Barclays PLC now owns 96,677 shares of the industrial products company’s stock valued at $1,681,000 after buying an additional 76,393 shares in the last quarter. Geode Capital Management LLC boosted its stake in Energy Recovery by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock worth $23,631,000 after acquiring an additional 56,306 shares in the last quarter. HighTower Advisors LLC boosted its stake in Energy Recovery by 10.6% during the third quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock worth $578,000 after acquiring an additional 3,176 shares in the last quarter. Alpha Wave Global LP grew its holdings in Energy Recovery by 93.0% in the third quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock worth $20,374,000 after purchasing an additional 564,463 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Energy Recovery by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company’s stock valued at $8,150,000 after purchasing an additional 7,440 shares in the last quarter. 83.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ERII. Evercore ISI dropped their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Seaport Res Ptn raised shares of Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Fearnley Fonds lowered shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Scotiabank started coverage on Energy Recovery in a research note on Thursday, December 5th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, B. Riley reduced their price target on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Energy Recovery presently has an average rating of “Buy” and a consensus price target of $20.75.

Energy Recovery Company Profile

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.