Energy Recovery (NASDAQ:ERII) Shares Gap Down on Insider Selling

Energy Recovery, Inc. (NASDAQ:ERII) shares gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $17.86, but opened at $16.85. Energy Recovery shares last traded at $17.03, with a volume of 45,788 shares traded.

Specifically, CEO David W. Moon sold 2,550 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $45,823.50. Following the sale, the chief executive officer now owns 87,101 shares in the company, valued at $1,565,204.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Rodney Clemente sold 6,505 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.98, for a total transaction of $116,959.90. Following the completion of the transaction, the senior vice president now directly owns 133,823 shares of the company’s stock, valued at $2,406,137.54. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In other Energy Recovery news, 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 sale, the chief technology officer now directly owns 126,961 shares of the company’s stock, valued at $2,281,489.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. StockNews.com upgraded Energy Recovery from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Raymond James raised Energy Recovery from an “outperform” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research note on Tuesday, July 9th.

Energy Recovery Stock Performance

The business’s 50-day simple moving average is $17.16 and its 200-day simple moving average is $15.24. The company has a market cap of $1.02 billion, a PE ratio of 52.53 and a beta of 1.23.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Energy Recovery had a net margin of 15.40% and a return on equity of 9.88%. The business had revenue of $38.60 million for the quarter, compared to the consensus estimate of $37.37 million. During the same period in the prior year, the business posted $0.17 earnings per share. Energy Recovery’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts predict that Energy Recovery, Inc. will post 0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Energy Recovery

Institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its position in Energy Recovery by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 22,127 shares of the industrial products company’s stock valued at $294,000 after acquiring an additional 1,330 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Energy Recovery by 8.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,642 shares of the industrial products company’s stock valued at $307,000 after purchasing an additional 1,433 shares in the last quarter. Sentry Investment Management LLC raised its holdings in shares of Energy Recovery by 23.2% during the 1st quarter. Sentry Investment Management LLC now owns 7,627 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 1,438 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Energy Recovery by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 95,559 shares of the industrial products company’s stock valued at $1,270,000 after purchasing an additional 1,893 shares during the last quarter. Finally, Hantz Financial Services Inc. bought a new stake in Energy Recovery in the second quarter worth $26,000. 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.