Energy Recovery (NASDAQ:ERII) Sets New 12-Month High – Here’s What Happened

Energy Recovery, Inc. (NASDAQ:ERII) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $19.95 and last traded at $19.87, with a volume of 346397 shares traded. The stock had previously closed at $19.06.

Wall Street Analysts Forecast Growth

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

Energy Recovery Trading Up 2.8 %

The company has a market capitalization of $1.13 billion, a PE ratio of 57.65 and a beta of 1.22. The company’s 50 day moving average price is $17.26 and its 200-day moving average price is $15.41.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $38.60 million during the quarter, compared to the consensus estimate of $37.37 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. As a group, analysts predict that Energy Recovery, Inc. will post 0.37 earnings per share for the current year.

Insider Buying and Selling

In other Energy Recovery news, CEO David W. Moon sold 2,550 shares of Energy Recovery 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 directly owns 87,101 shares of the company’s stock, valued at $1,565,204.97. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Rodney Clemente sold 6,505 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.98, for a total value of $116,959.90. Following the completion of the sale, the senior vice president now owns 133,823 shares in the company, valued at approximately $2,406,137.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David W. Moon sold 2,550 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $45,823.50. Following the transaction, the chief executive officer now directly owns 87,101 shares in the company, valued at $1,565,204.97. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,581 shares of company stock valued at $351,936. 4.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Energy Recovery

Hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. purchased a new stake in Energy Recovery during the 3rd quarter worth $15,237,000. Trillium Asset Management LLC acquired a new stake in Energy Recovery during the 1st quarter valued at approximately $3,774,000. Millennium Management LLC increased its holdings in Energy Recovery by 130.3% during the 2nd quarter. Millennium Management LLC now owns 356,595 shares of the industrial products company’s stock worth $4,739,000 after purchasing an additional 201,770 shares during the last quarter. KBC Group NV raised its position 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 in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Energy Recovery in the 1st quarter valued at approximately $2,372,000. Hedge funds and other 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.