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

Shares of Energy Recovery, Inc. (NASDAQ:ERII) gapped down prior to trading on Thursday following insider selling activity. 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.

Specifically, CEO David W. Moon sold 2,550 shares of the 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 transaction, the chief executive officer now owns 87,101 shares in the company, valued at $1,565,204.97. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Rodney Clemente sold 6,505 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.98, for a total transaction of $116,959.90. Following the sale, the senior vice president now directly owns 133,823 shares of the company’s stock, valued at $2,406,137.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In related news, CTO Farshad Ghasripoor sold 10,526 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 $189,152.22. Following the completion of the sale, the chief technology officer now directly owns 126,961 shares in the company, valued at approximately $2,281,489.17. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

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

Energy Recovery Price Performance

The business has a 50-day moving average of $17.16 and a 200 day moving average of $15.24. The company has a market capitalization of $956.84 million, a PE ratio of 52.53 and a beta of 1.23.

Energy Recovery (NASDAQ:ERII) last posted 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. Energy Recovery had a net margin of 15.40% and a return on equity of 9.88%. The firm had revenue of $38.60 million during the quarter, compared to analyst estimates of $37.37 million. During the same period last year, the firm posted $0.17 earnings per share. Energy Recovery’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts anticipate that Energy Recovery, Inc. will post 0.37 EPS for the current year.

Institutional Trading of Energy Recovery

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mission Wealth Management LP purchased a new stake in shares of Energy Recovery in the 1st quarter worth approximately $703,000. BNP Paribas Financial Markets lifted its position in shares of Energy Recovery by 28.3% in the first quarter. BNP Paribas Financial Markets now owns 99,064 shares of the industrial products company’s stock valued at $1,564,000 after acquiring an additional 21,840 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Energy Recovery in the first quarter worth approximately $436,000. Redmond Asset Management LLC increased its position in shares of Energy Recovery by 9.0% during the first quarter. Redmond Asset Management LLC now owns 169,663 shares of the industrial products company’s stock worth $2,679,000 after purchasing an additional 13,969 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in Energy Recovery by 11.8% in the 1st quarter. Inspire Investing LLC now owns 22,954 shares of the industrial products company’s stock valued at $362,000 after purchasing an additional 2,418 shares during the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

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.