Energy Recovery (NASDAQ:ERII) Shares Gap Up on Analyst Upgrade

Key Points

• B. Riley upgraded Energy Recovery's price target from $12.50 to $14.00, prompting the stock to open significantly higher at $14.98 after closing at $13.62.
• Several analysts have varying ratings on the stock, with a consensus rating of "Buy" and an average target price of $18.67.
• CEO David W. Moon recently purchased 4,200 shares, indicating insider confidence, while another director sold 30,000 shares, reflecting mixed insider activity.

Energy Recovery, Inc. (NASDAQ:ERII - Get Free Report) shares gapped up prior to trading on Thursday after B. Riley raised their price target on the stock from $12.50 to $14.00. The stock had previously closed at $13.62, but opened at $14.98. B. Riley currently has a neutral rating on the stock. Energy Recovery shares last traded at $15.03, with a volume of 105,546 shares changing hands.

Other analysts have also issued reports about the stock. Fearnley Fonds upgraded shares of Energy Recovery from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Wall Street Zen downgraded Energy Recovery from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Energy Recovery has an average rating of "Buy" and an average price target of $18.67.

Insider Transactions at Energy Recovery

In other Energy Recovery news, SVP Rodney Clemente sold 5,387 shares of Energy Recovery stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $13.97, for a total value of $75,256.39. Following the completion of the transaction, the senior vice president directly owned 100,765 shares of the company's stock, valued at $1,407,687.05. The trade was a 5.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David W. Moon bought 4,200 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was purchased at an average cost of $12.20 per share, with a total value of $51,240.00. Following the completion of the transaction, the chief executive officer owned 36,950 shares in the company, valued at $450,790. This represents a 12.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 55,387 shares of company stock valued at $710,656. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Energy Recovery

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Raiffeisen Bank International AG grew its position in shares of Energy Recovery by 6.1% during the second quarter. Raiffeisen Bank International AG now owns 260,000 shares of the industrial products company's stock worth $3,154,000 after buying an additional 15,000 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Energy Recovery by 11.0% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 26,461 shares of the industrial products company's stock worth $338,000 after buying an additional 2,623 shares in the last quarter. Intech Investment Management LLC grew its position in shares of Energy Recovery by 33.3% during the second quarter. Intech Investment Management LLC now owns 36,068 shares of the industrial products company's stock worth $461,000 after buying an additional 9,016 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Energy Recovery by 105.3% during the second quarter. SG Americas Securities LLC now owns 102,579 shares of the industrial products company's stock worth $1,311,000 after buying an additional 52,610 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Energy Recovery during the second quarter worth about $2,381,000. 83.58% of the stock is owned by institutional investors and hedge funds.

Energy Recovery Stock Down 2.1%

The firm has a market capitalization of $738.95 million, a price-to-earnings ratio of 33.07 and a beta of 1.03. The stock has a 50-day moving average price of $13.05 and a 200 day moving average price of $14.14.

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.