Energy Recovery (NASDAQ:ERII) Shares Down 6%

Energy Recovery, Inc. (NASDAQ:ERII) shares were down 6% during mid-day trading on Thursday . The stock traded as low as $14.86 and last traded at $14.88. Approximately 150,543 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 426,658 shares. The stock had previously closed at $15.83.

Wall Street Analysts Forecast Growth

ERII has been the topic of a number of research analyst reports. Raymond James upgraded shares of Energy Recovery from an “outperform” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a report on Tuesday, July 9th. StockNews.com upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st.

Energy Recovery Stock Down 2.1 %

The firm’s 50 day simple moving average is $15.47 and its 200-day simple moving average is $14.67. The company has a market capitalization of $830.14 million, a PE ratio of 42.59 and a beta of 1.23.

Insider Buying and Selling

In related news, CEO David W. Moon bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $48,000.00. Following the acquisition, the chief executive officer now owns 32,750 shares in the company, valued at approximately $524,000. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO David W. Moon purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $16.00 per share, with a total value of $48,000.00. Following the purchase, the chief executive officer now directly owns 32,750 shares of the company’s stock, valued at approximately $524,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Rodney Clemente sold 2,353 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $14.63, for a total transaction of $34,424.39. Following the completion of the transaction, the senior vice president now owns 140,328 shares in the company, valued at approximately $2,052,998.64. The disclosure for this sale can be found here. In the last three months, insiders sold 8,444 shares of company stock valued at $123,536. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Energy Recovery

Institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its holdings in Energy Recovery by 1.3% in the fourth quarter. Victory Capital Management Inc. now owns 81,902 shares of the industrial products company’s stock valued at $1,543,000 after acquiring an additional 1,083 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Energy Recovery by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 22,127 shares of the industrial products company’s stock worth $294,000 after purchasing an additional 1,330 shares during the last quarter. Sentry Investment Management LLC grew its stake in Energy Recovery by 23.2% in the first quarter. Sentry Investment Management LLC now owns 7,627 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 1,438 shares in the last quarter. Rhumbline Advisers increased its holdings in Energy Recovery by 2.0% in the second quarter. Rhumbline Advisers now owns 95,559 shares of the industrial products company’s stock valued at $1,270,000 after buying an additional 1,893 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in Energy Recovery during the second quarter valued at approximately $26,000. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

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.