Energy Recovery, Inc. (NASDAQ:ERII) Short Interest Down 12.7% in November

Energy Recovery, Inc. (NASDAQ:ERII) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 1,920,000 shares, a decline of 12.7% from the October 31st total of 2,200,000 shares. Based on an average trading volume of 455,800 shares, the days-to-cover ratio is presently 4.2 days. Approximately 3.4% of the shares of the company are short sold.

Insider Buying and Selling

In other Energy Recovery news, SVP Rodney Clemente sold 4,207 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $20.06, for a total value of $84,392.42. Following the sale, the senior vice president now owns 106,367 shares of the company’s stock, valued at $2,133,722.02. The trade was a 3.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Farshad Ghasripoor sold 10,526 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $189,152.22. Following the completion of the sale, the chief technology officer now directly owns 126,961 shares in the company, valued at $2,281,489.17. This trade represents a 7.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,406 shares of company stock valued at $828,688. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERII. Hantz Financial Services Inc. acquired a new position in Energy Recovery during the 2nd quarter worth about $26,000. CWM LLC raised its holdings in Energy Recovery by 5,032.5% during the 3rd quarter. CWM LLC now owns 4,260 shares of the industrial products company’s stock worth $74,000 after purchasing an additional 4,177 shares during the last quarter. AXA S.A. bought a new stake in Energy Recovery during the 2nd quarter worth about $149,000. AQR Capital Management LLC raised its holdings in Energy Recovery by 19.8% during the 2nd quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 1,986 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Energy Recovery by 39.6% during the 1st quarter. Lazard Asset Management LLC now owns 10,838 shares of the industrial products company’s stock worth $171,000 after purchasing an additional 3,076 shares during the last quarter. Institutional investors and hedge funds own 83.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ERII. Fearnley Fonds lowered shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. B. Riley reduced their target price on shares of Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Finally, Evercore ISI reduced their target price on shares of Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.33.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII traded up $0.27 on Tuesday, hitting $16.31. The stock had a trading volume of 427,728 shares, compared to its average volume of 436,716. The firm’s 50 day moving average price is $17.60 and its 200-day moving average price is $15.82. The company has a market capitalization of $944.19 million, a price-to-earnings ratio of 47.97 and a beta of 1.18. Energy Recovery has a twelve month low of $12.26 and a twelve month high of $20.27.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.01. The business had revenue of $38.60 million for the quarter, compared to the consensus estimate of $37.37 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 EPS. As a group, sell-side analysts predict that Energy Recovery will post 0.41 EPS for the current year.

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.