Energy Recovery (NASDAQ:ERII) Stock Price Up 6% After Insider Buying Activity

Shares of Energy Recovery, Inc. (NASDAQ:ERII) shot up 6% during trading on Friday following insider buying activity. The stock traded as high as $12.96 and last traded at $13.02. 233,544 shares were traded during mid-day trading, a decline of 44% from the average session volume of 416,412 shares. The stock had previously closed at $12.28.

Specifically, Director Pamela L. Tondreau acquired 4,200 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average cost of $12.28 per share, with a total value of $51,576.00. Following the completion of the acquisition, the director now directly owns 41,043 shares of the company’s stock, valued at approximately $504,008.04. This trade represents a 11.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David W. Moon acquired 4,200 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were bought at an average cost of $12.20 per share, with a total value of $51,240.00. Following the completion of the acquisition, the chief executive officer now directly owns 36,950 shares of the company’s stock, valued at $450,790. The trade was a 12.82% increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several research firms have recently weighed in on ERII. StockNews.com cut shares of Energy Recovery from a “buy” rating to a “hold” rating in a report on Thursday, May 8th. B. Riley cut shares of Energy Recovery from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $12.50 in a report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Energy Recovery presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Energy Recovery Stock Performance

The business’s 50-day moving average price is $14.99 and its 200-day moving average price is $15.46. The stock has a market cap of $720.59 million, a P/E ratio of 38.71 and a beta of 1.09.

Energy Recovery (NASDAQ:ERII) last released its earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.16). Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The firm had revenue of $8.07 million for the quarter, compared to analysts’ expectations of $21.97 million. During the same quarter last year, the firm posted ($0.08) EPS. The firm’s quarterly revenue was down 33.1% compared to the same quarter last year. As a group, equities research analysts expect that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ERII. Ameriprise Financial Inc. lifted its stake in shares of Energy Recovery by 24.6% during the 4th quarter. Ameriprise Financial Inc. now owns 4,953,951 shares of the industrial products company’s stock valued at $72,823,000 after buying an additional 978,490 shares in the last quarter. Select Equity Group L.P. lifted its stake in shares of Energy Recovery by 403.5% during the 1st quarter. Select Equity Group L.P. now owns 667,157 shares of the industrial products company’s stock valued at $10,601,000 after buying an additional 534,662 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Energy Recovery during the 4th quarter valued at $5,741,000. KLP Kapitalforvaltning AS purchased a new position in shares of Energy Recovery during the 4th quarter valued at $4,670,000. Finally, Duff & Phelps Investment Management Co. purchased a new stake in Energy Recovery in the 4th quarter worth $3,798,000. 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.