Short Interest in Energy Recovery, Inc. (NASDAQ:ERII) Rises By 8.5%

18 Oct 2024, 03:32 by Kim Johansen · The Markets Daily

Energy Recovery, Inc. (NASDAQ:ERII – Get Free Report) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totalling 2,300,000 shares, a growth of 8.5% from the September 15th total of 2,120,000 shares. Approximately 4.1% of the company’s stock are sold short. Based on an average daily volume of 383,600 shares, the days-to-cover ratio is presently 6.0 days.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ERII shares. Raymond James raised 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 raised shares of Energy Recovery from a “sell” rating to a “hold” rating in a report on Thursday, August 1st.

Check Out Our Latest Report on ERII

Insider Activity at Energy Recovery

In related news, SVP Rodney Clemente sold 2,353 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $14.63, for a total value of $34,424.39. Following the completion of the sale, the senior vice president now directly owns 140,328 shares of the company’s stock, valued at $2,052,998.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Energy Recovery news, SVP Rodney Clemente sold 2,353 shares of Energy Recovery stock in a transaction that occurred 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 transaction, the senior vice president now owns 140,328 shares of the company’s stock, valued at $2,052,998.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David W. Moon acquired 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $16.00 per share, with a total value of $48,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 32,750 shares of the company’s stock, valued at approximately $524,000. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 8,444 shares of company stock valued at $123,536 over the last three months. 4.10% of the stock is owned by corporate insiders.

Institutional Trading of Energy Recovery

A number of institutional investors have recently bought and sold shares of ERII. Hantz Financial Services Inc. acquired a new stake in Energy Recovery during the 2nd quarter valued at $26,000. CWM LLC boosted its stake in shares of Energy Recovery by 5,032.5% during the third quarter. CWM LLC now owns 4,260 shares of the industrial products company’s stock valued at $74,000 after acquiring an additional 4,177 shares during the last quarter. Sentry Investment Management LLC increased its position in Energy Recovery by 23.2% during the 1st 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. AXA S.A. acquired a new position in Energy Recovery in the 2nd quarter valued at about $149,000. Finally, ProShare Advisors LLC purchased a new position in Energy Recovery in the 1st quarter valued at about $158,000. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Energy Recovery Trading Up 0.4 %

Shares of NASDAQ:ERII traded up $0.08 on Thursday, reaching $18.01. 370,103 shares of the company were exchanged, compared to its average volume of 412,750. The company has a 50-day moving average of $16.97 and a 200-day moving average of $15.02. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 52.97 and a beta of 1.23. Energy Recovery has a 1-year low of $12.26 and a 1-year high of $19.94.

Energy Recovery (NASDAQ:ERII – Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.10. The company had revenue of $27.20 million during the quarter, compared to the consensus estimate of $23.36 million. Energy Recovery had a net margin of 15.40% and a return on equity of 9.88%. As a group, analysts forecast that Energy Recovery will post 0.37 earnings per share for the current year.

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