Energy Recovery, Inc. (NASDAQ:ERII) Director Arve Hanstveit Sells 50,000 Shares

Energy Recovery, Inc. (NASDAQ:ERII) Director Arve Hanstveit sold 50,000 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total transaction of $817,000.00. Following the completion of the transaction, the director now directly owns 693,182 shares of the company’s stock, valued at approximately $11,326,593.88. This trade represents a 6.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Energy Recovery Trading Down 1.5 %

Shares of ERII opened at $15.99 on Friday. The firm has a market capitalization of $878.73 million, a P/E ratio of 47.03 and a beta of 1.21. Energy Recovery, Inc. has a 12-month low of $12.26 and a 12-month high of $20.27. The firm has a fifty day moving average price of $14.95 and a 200-day moving average price of $16.17.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings data on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share for the quarter, missing the consensus estimate 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%. Analysts predict that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

Hedge Funds Weigh In On Energy Recovery

A number of large investors have recently added to or reduced their stakes in ERII. Ameriprise Financial Inc. raised its holdings in Energy Recovery by 24.6% in the fourth quarter. Ameriprise Financial Inc. now owns 4,953,951 shares of the industrial products company’s stock worth $72,823,000 after purchasing an additional 978,490 shares in the last quarter. Baillie Gifford & Co. acquired a new position in shares of Energy Recovery during the third quarter valued at about $15,237,000. Alpha Wave Global LP increased its holdings in shares of Energy Recovery by 93.0% during the third quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock valued at $20,374,000 after acquiring an additional 564,463 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Energy Recovery during the fourth quarter valued at about $5,741,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Energy Recovery during the fourth quarter valued at about $4,670,000. 83.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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