Insider Selling: Energy Recovery, Inc. (NASDAQ:ERII) Director Sells 20,000 Shares of Stock

Energy Recovery, Inc. (NASDAQ:ERII) Director Arve Hanstveit sold 20,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were 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 of the company’s stock, valued at $12,537,480.34. The trade was a 2.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Energy Recovery Stock Down 1.4 %

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

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $38.60 million during the quarter, compared to analyst estimates of $37.37 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.17 EPS. Sell-side analysts expect that Energy Recovery, Inc. will post 0.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of Energy Recovery by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock valued at $23,631,000 after purchasing an additional 56,306 shares during the period. KBC Group NV grew its position in Energy Recovery by 14.1% during the third quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock valued at $21,533,000 after buying an additional 153,381 shares during the period. Alpha Wave Global LP increased its holdings in 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 buying an additional 564,463 shares during the last quarter. Baillie Gifford & Co. bought a new position in Energy Recovery in the third quarter worth approximately $15,237,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Energy Recovery by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company’s stock worth $8,150,000 after acquiring an additional 7,440 shares during the last quarter. Institutional investors own 83.58% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on ERII shares. Evercore ISI reduced 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 reduced their price target on shares of Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Fearnley Fonds lowered shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Scotiabank initiated coverage on Energy Recovery in a research note on Thursday, December 5th. They issued a “buy” rating and a $22.00 price target for the company. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus 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.