Energy Recovery, Inc. (NASDAQ:ERII) Sees Significant Decrease in Short Interest

Energy Recovery, Inc. (NASDAQ:ERII) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 4,450,000 shares, a decrease of 7.5% from the September 30th total of 4,810,000 shares. Based on an average daily volume of 237,600 shares, the days-to-cover ratio is currently 18.7 days. Approximately 11.8% of the shares of the company are sold short.

Several brokerages have recently weighed in on ERII. JMP Securities set a $15.00 price objective on shares of Energy Recovery and gave the company a “buy” rating in a research report on Thursday, October 10th. ValuEngine lowered shares of Energy Recovery from a “buy” rating to a “hold” rating in a research report on Thursday. Evercore ISI reaffirmed a “buy” rating and set a $18.00 price target on shares of Energy Recovery in a research report on Thursday, August 8th. Zacks Investment Research raised shares of Energy Recovery from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Friday, November 8th. Finally, Raymond James began coverage on shares of Energy Recovery in a research report on Wednesday, October 23rd. They set an “outperform” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $14.20.

In other news, Director Arve Hanstveit sold 13,605 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $9.22, for a total value of $125,438.10. Following the transaction, the director now directly owns 1,109,405 shares of the company’s stock, valued at $10,228,714.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 14,294 shares of company stock worth $131,947 over the last three months. Insiders own 23.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ERII. GSA Capital Partners LLP purchased a new position in Energy Recovery during the 2nd quarter worth $131,000. Cubist Systematic Strategies LLC bought a new stake in shares of Energy Recovery during the second quarter valued at about $147,000. SFE Investment Counsel increased its position in shares of Energy Recovery by 27.5% during the second quarter. SFE Investment Counsel now owns 19,951 shares of the industrial products company’s stock valued at $208,000 after buying an additional 4,303 shares during the period. Ibex Investors LLC bought a new stake in shares of Energy Recovery during the second quarter valued at about $233,000. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of Energy Recovery by 36.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 27,417 shares of the industrial products company’s stock valued at $286,000 after buying an additional 7,360 shares during the period. 32.46% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:ERII opened at $8.77 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.01 and a current ratio of 4.32. The firm has a market cap of $487.77 million, a price-to-earnings ratio of 43.85 and a beta of 4.25. The firm’s 50-day simple moving average is $9.39 and its 200 day simple moving average is $9.91. Energy Recovery has a 52 week low of $6.17 and a 52 week high of $12.04.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.04. The firm had revenue of $24.90 million for the quarter, compared to the consensus estimate of $22.01 million. Energy Recovery had a net margin of 18.65% and a return on equity of 9.95%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.08 EPS. Sell-side analysts anticipate that Energy Recovery will post 0.17 EPS for the current year.

Energy Recovery Company Profile

Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for small- to medium-sized desalination plants.

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