Short Interest in Energy Recovery, Inc. (NASDAQ:ERII) Drops By 5.6%

Energy Recovery, Inc. (NASDAQ:ERII) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 2,370,000 shares, a drop of 5.6% from the March 31st total of 2,510,000 shares. Currently, 4.3% of the company’s stock are sold short. Based on an average daily trading volume, of 441,700 shares, the short-interest ratio is currently 5.4 days.

Wall Street Analyst Weigh In

Separately, Evercore ISI dropped their target price on Energy Recovery from $26.00 to $24.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th.

Energy Recovery Price Performance

ERII stock traded up $0.15 during midday trading on Tuesday, reaching $15.01. The company had a trading volume of 142,152 shares, compared to its average volume of 444,045. The company has a market capitalization of $860.52 million, a price-to-earnings ratio of 40.16 and a beta of 1.27. The stock has a 50 day moving average price of $14.91 and a 200-day moving average price of $16.67. Energy Recovery has a 1-year low of $13.41 and a 1-year high of $30.76.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, February 21st. The industrial products company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $57.19 million during the quarter, compared to analyst estimates of $63.57 million. Energy Recovery had a net margin of 16.75% and a return on equity of 11.99%. The firm’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same period last year, the firm earned $0.24 EPS. As a group, research analysts anticipate that Energy Recovery will post 0.42 earnings per share for the current year.

Insiders Place Their Bets

In other Energy Recovery news, CEO David W. Moon purchased 10,750 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was bought at an average cost of $15.51 per share, with a total value of $166,732.50. Following the purchase, the chief executive officer now directly owns 19,250 shares of the company’s stock, valued at $298,567.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Energy Recovery news, Director Arve Hanstveit sold 50,000 shares of Energy Recovery stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $15.49, for a total transaction of $774,500.00. Following the completion of the transaction, the director now directly owns 807,055 shares of the company’s stock, valued at $12,501,281.95. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David W. Moon acquired 10,750 shares of Energy Recovery stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $15.51 per share, with a total value of $166,732.50. Following the completion of the transaction, the chief executive officer now owns 19,250 shares of the company’s stock, valued at $298,567.50. The disclosure for this purchase can be found here. In the last three months, insiders have sold 93,913 shares of company stock worth $1,478,808. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Brown Capital Management LLC grew its position in Energy Recovery by 64.7% in the fourth quarter. Brown Capital Management LLC now owns 4,356,963 shares of the industrial products company’s stock valued at $82,085,000 after acquiring an additional 1,711,129 shares during the last quarter. FMR LLC grew its position in Energy Recovery by 376.4% in the third quarter. FMR LLC now owns 3,910,978 shares of the industrial products company’s stock valued at $82,952,000 after acquiring an additional 3,090,086 shares during the last quarter. Vanguard Group Inc. grew its position in Energy Recovery by 1.5% in the third quarter. Vanguard Group Inc. now owns 2,893,124 shares of the industrial products company’s stock valued at $61,363,000 after acquiring an additional 41,967 shares during the last quarter. Avenir Corp grew its position in Energy Recovery by 3.9% in the third quarter. Avenir Corp now owns 1,780,540 shares of the industrial products company’s stock valued at $37,765,000 after acquiring an additional 67,184 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Energy Recovery by 0.6% in the third quarter. Jennison Associates LLC now owns 1,521,895 shares of the industrial products company’s stock valued at $32,279,000 after acquiring an additional 8,512 shares during the last quarter. Institutional investors own 83.58% of the company’s stock.

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.