Energy Recovery, Inc. (NASDAQ:ERII) Short Interest Down 6.7% in July

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Energy Recovery, Inc. (NASDAQ:ERII) was the target of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 5,228,000 shares, a drop of 6.7% from the June 30th total of 5,602,300 shares. Based on an average daily trading volume, of 205,300 shares, the short-interest ratio is currently 25.5 days. Currently, 16.6% of the shares of the company are sold short.

In other news, Director Hans Peter Michelet sold 84,986 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $10.35, for a total transaction of $879,605.10. Following the sale, the director now directly owns 28,126 shares in the company, valued at approximately $291,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Rodney Clemente sold 36,946 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $11.92, for a total value of $440,396.32. Following the sale, the vice president now owns 81,299 shares in the company, valued at $969,084.08. The disclosure for this sale can be found here. Insiders have sold a total of 180,747 shares of company stock valued at $1,919,829 in the last quarter. Company insiders own 23.80% of the company’s stock.

Several institutional investors have recently modified their holdings of ERII. Trigran Investments Inc. boosted its holdings in shares of Energy Recovery by 9.4% during the 1st quarter. Trigran Investments Inc. now owns 3,112,303 shares of the industrial products company’s stock worth $27,170,000 after purchasing an additional 268,501 shares during the last quarter. KBC Group NV boosted its holdings in shares of Energy Recovery by 508.9% during the 2nd quarter. KBC Group NV now owns 313,451 shares of the industrial products company’s stock worth $3,266,000 after purchasing an additional 261,971 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Energy Recovery by 104.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 482,965 shares of the industrial products company’s stock worth $5,033,000 after purchasing an additional 247,287 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Energy Recovery by 85.2% during the 2nd quarter. Morgan Stanley now owns 278,187 shares of the industrial products company’s stock worth $2,899,000 after purchasing an additional 127,992 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Energy Recovery by 4.5% during the 2nd quarter. BlackRock Inc. now owns 2,518,679 shares of the industrial products company’s stock worth $26,245,000 after purchasing an additional 107,783 shares during the last quarter. Institutional investors and hedge funds own 32.32% of the company’s stock.

A number of research firms have recently commented on ERII. Zacks Investment Research cut Energy Recovery from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. B. Riley set a $15.00 target price on Energy Recovery and gave the company a “buy” rating in a research report on Monday, July 15th. TheStreet upgraded Energy Recovery from a “c+” rating to a “b” rating in a research report on Friday, May 3rd. ValuEngine cut Energy Recovery from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Evercore ISI restated a “buy” rating and set a $18.00 target price on shares of Energy Recovery in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $14.25.

Shares of Energy Recovery stock traded up $0.08 on Friday, hitting $8.82. 290,385 shares of the company were exchanged, compared to its average volume of 210,521. The stock has a market capitalization of $487.53 million, a price-to-earnings ratio of 44.10 and a beta of 4.32. The company has a 50-day moving average price of $10.65 and a 200 day moving average price of $9.56. Energy Recovery has a 1-year low of $6.17 and a 1-year high of $12.04. The company has a quick ratio of 4.76, a current ratio of 5.09 and a debt-to-equity ratio of 0.09.

Energy Recovery (NASDAQ:ERII) last issued its earnings results on Thursday, August 1st. The industrial products company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The business had revenue of $22.80 million for the quarter, compared to analysts’ expectations of $20.53 million. Energy Recovery had a return on equity of 10.89% and a net margin of 20.21%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. Research analysts forecast that Energy Recovery will post 0.13 EPS for the current year.

About Energy Recovery

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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