Energy Recovery (NASDAQ:ERII) Stock Price Down 2.4% After Insider Selling

Shares of Energy Recovery, Inc. (NASDAQ:ERII) traded down 2.4% during mid-day trading on Friday following insider selling activity. The stock traded as low as $26.53 and last traded at $26.53. 29,017 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 361,599 shares. The stock had previously closed at $27.18.

Specifically, Director Lisa A. Pollina sold 1,043 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $27.00, for a total value of $28,161.00. Following the completion of the transaction, the director now directly owns 4,807 shares of the company’s stock, valued at $129,789. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Lisa A. Pollina sold 1,043 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $27.00, for a total transaction of $28,161.00. Following the completion of the transaction, the director now directly owns 4,807 shares of the company’s stock, valued at approximately $129,789. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Farshad Ghasripoor sold 51,131 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $27.92, for a total transaction of $1,427,577.52. Following the transaction, the chief technology officer now directly owns 81,812 shares of the company’s stock, valued at $2,284,191.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 139,961 shares of company stock valued at $3,864,921. Corporate insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ERII. Raymond James raised their target price on shares of Energy Recovery from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. StockNews.com initiated coverage on shares of Energy Recovery in a report on Thursday, August 17th. They issued a “hold” rating on the stock. B. Riley lifted their price target on shares of Energy Recovery from $28.00 to $32.00 in a report on Tuesday, June 27th. Finally, TheStreet lowered shares of Energy Recovery from an “a-” rating to a “c+” rating in a report on Tuesday, May 9th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.00.

Energy Recovery Trading Down 6.6 %

The stock has a market cap of $1.43 billion, a PE ratio of 141.01 and a beta of 1.24. The company’s 50 day moving average is $28.33 and its 200-day moving average is $25.36.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Energy Recovery had a return on equity of 7.11% and a net margin of 9.87%. The firm had revenue of $20.72 million for the quarter, compared to analysts’ expectations of $24.52 million. As a group, analysts forecast that Energy Recovery, Inc. will post 0.32 EPS for the current year.

Institutional Investors Weigh In On Energy Recovery

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nuveen Asset Management LLC increased its position in shares of Energy Recovery by 11.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 225,435 shares of the industrial products company’s stock worth $6,301,000 after purchasing an additional 23,472 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Energy Recovery by 1.0% in the 2nd quarter. Alliancebernstein L.P. now owns 84,761 shares of the industrial products company’s stock valued at $2,369,000 after buying an additional 850 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Energy Recovery by 28.5% in the 2nd quarter. Wells Fargo & Company MN now owns 55,103 shares of the industrial products company’s stock valued at $1,540,000 after buying an additional 12,209 shares during the period. State of Tennessee Treasury Department acquired a new position in shares of Energy Recovery in the 2nd quarter valued at about $207,000. Finally, Point72 Middle East FZE acquired a new position in shares of Energy Recovery in the 2nd quarter valued at about $472,000. Institutional investors own 79.49% of the company’s stock.

About Energy Recovery

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells various solutions for the seawater reverse osmosis desalination and industrial wastewater treatment industries worldwide. The company operates through Water and Emerging Technologies segments. It offers a suite of products, including energy recovery devices, and high-pressure feed and recirculation pumps; hydraulic turbochargers and boosters; and spare parts, as well as repair, field, and commissioning services.