Energy Recovery, Inc. (NASDAQ:ERII) Short Interest Down 5.8% in December

Energy Recovery, Inc. (NASDAQ:ERII) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 1,620,000 shares, a decline of 5.8% from the December 15th total of 1,720,000 shares. Currently, 2.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 471,400 shares, the days-to-cover ratio is currently 3.4 days.

Energy Recovery Trading Up 2.9 %

NASDAQ ERII opened at $14.77 on Friday. Energy Recovery has a 12 month low of $12.26 and a 12 month high of $20.27. The stock has a 50-day simple moving average of $15.73 and a 200 day simple moving average of $16.28. The company has a market capitalization of $855.04 million, a PE ratio of 43.44 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The company had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $37.37 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. Energy Recovery’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 EPS. As a group, sell-side analysts predict that Energy Recovery will post 0.36 earnings per share for the current fiscal year.

Insider Activity at Energy Recovery

In other Energy Recovery news, CTO Farshad Ghasripoor sold 10,526 shares of Energy Recovery stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $189,152.22. Following the completion of the transaction, the chief technology officer now owns 126,961 shares in the company, valued at approximately $2,281,489.17. The trade was a 7.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arve Hanstveit sold 20,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 743,182 shares in the company, valued at approximately $12,537,480.34. This represents a 2.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,406 shares of company stock valued at $1,166,088 in the last 90 days. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. bought a new stake in shares of Energy Recovery during the third quarter worth $15,237,000. Alpha Wave Global LP increased its holdings in Energy Recovery by 93.0% during the 3rd 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 in the last quarter. Millennium Management LLC raised its stake in shares of Energy Recovery by 130.3% in the 2nd quarter. Millennium Management LLC now owns 356,595 shares of the industrial products company’s stock valued at $4,739,000 after purchasing an additional 201,770 shares during the period. KBC Group NV raised its stake in shares of Energy Recovery by 14.1% in the 3rd quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock valued at $21,533,000 after purchasing an additional 153,381 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Energy Recovery by 668.4% in the third quarter. Exchange Traded Concepts LLC now owns 145,022 shares of the industrial products company’s stock valued at $2,522,000 after purchasing an additional 126,148 shares in the last quarter. 83.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ERII has been the subject of a number of research reports. 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 dropped their target price on Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Scotiabank initiated coverage on Energy Recovery in a report on Thursday, December 5th. They issued a “buy” rating and a $22.00 price target on the stock. Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, Evercore ISI cut 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 report on Tuesday, November 19th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. 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.