Energy Recovery Inc. (ERII) Trading 5.4% Higher
Shares of Energy Recovery Inc. (NASDAQ:ERII) rose 5.4% during trading on Friday . The stock traded as high as $9.09 and last traded at $9.05, with a volume of 227,827 shares trading hands. The stock had previously closed at $8.59.
Separately, Zacks Investment Research downgraded shares of Energy Recovery from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $7.25.
The stock’s market capitalization is $476.76 million. The company’s 50-day moving average is $9.69 and its 200-day moving average is $8.90.
Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Thursday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.05. On average, analysts predict that Energy Recovery Inc. will post $0.66 earnings per share for the current year.
In other news, Director Hans Peter Michelet sold 150,000 shares of the business’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $9.14, for a total value of $1,371,000.00. Following the completion of the transaction, the director now directly owns 225,000 shares of the company’s stock, valued at $2,056,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arve Hanstveit sold 50,000 shares of the business’s stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $12.59, for a total value of $629,500.00. Following the completion of the transaction, the director now directly owns 1,145,800 shares of the company’s stock, valued at $14,425,622. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Energy Recovery stock. Morgan Stanley increased its position in Energy Recovery Inc. (NASDAQ:ERII) by 121.0% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 343,217 shares of the company’s stock after buying an additional 187,906 shares during the period. Morgan Stanley owned about 0.63% of Energy Recovery worth $2,426,000 as of its most recent SEC filing.
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. It operates through two segments: Water, and Oil & Gas. Its Water Segment focuses on products sold for use in reverse osmosis water desalination.
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