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Stock Traders Purchase High Volume of Call Options on Energy Recovery (NASDAQ:ERII)

Tuesday, February 23, 2021 | MarketBeat

Energy Recovery, Inc. (NASDAQ:ERII) was the recipient of unusually large options trading on Tuesday. Investors purchased 5,040 call options on the company. This is an increase of approximately 3,030% compared to the typical volume of 161 call options.

In other Energy Recovery news, CTO Farshad Ghasripoor sold 45,531 shares of the stock in a transaction on Friday, February 12th. The stock was sold at an average price of $15.00, for a total transaction of $682,965.00. Following the completion of the transaction, the chief technology officer now directly owns 68,204 shares in the company, valued at $1,023,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sherif Foda sold 16,726 shares of the stock in a transaction on Wednesday, December 9th. The stock was sold at an average price of $11.90, for a total value of $199,039.40. Following the transaction, the director now owns 16,726 shares of the company's stock, valued at $199,039.40. The disclosure for this sale can be found here. Insiders have sold 207,156 shares of company stock valued at $2,933,878 in the last ninety days. Company insiders own 17.40% of the company's stock.

Several large investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of Energy Recovery during the 4th quarter worth approximately $47,000. Founders Capital Management acquired a new position in shares of Energy Recovery during the 4th quarter worth approximately $59,000. BNP Paribas Arbitrage SA increased its position in shares of Energy Recovery by 574.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,749 shares of the industrial products company's stock worth $72,000 after purchasing an additional 7,452 shares during the last quarter. FIL Ltd increased its position in shares of Energy Recovery by 133.7% during the 4th quarter. FIL Ltd now owns 5,977 shares of the industrial products company's stock worth $82,000 after purchasing an additional 3,419 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Energy Recovery during the 3rd quarter worth approximately $92,000. Institutional investors and hedge funds own 40.06% of the company's stock.

A number of brokerages have recently weighed in on ERII. Raymond James raised their target price on Energy Recovery from $11.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, January 8th. Zacks Investment Research lowered Energy Recovery from a "buy" rating to a "hold" rating in a research note on Wednesday, January 20th. Finally, Evercore ISI upgraded Energy Recovery from an "in-line" rating to an "outperform" rating in a research note on Monday, January 4th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of "Buy" and a consensus price target of $12.17.

Energy Recovery stock traded up $1.21 during mid-day trading on Tuesday, hitting $16.38. The stock had a trading volume of 26,615 shares, compared to its average volume of 239,209. The stock has a 50-day simple moving average of $14.58 and a two-hundred day simple moving average of $11.08. The stock has a market capitalization of $918.92 million, a PE ratio of 37.93 and a beta of 1.36. Energy Recovery has a 12 month low of $6.11 and a 12 month high of $15.51.

About Energy Recovery

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and markets various solutions for industrial fluid flow markets worldwide. The company operates through Water, and Oil & Gas segments. The Water segment designs, engineers, manufactures, and supplies various energy recovery devices (ERDs), including positive displacement isobaric ERDs and centrifugal-type ERDs; manufactures and supplies specialized high-pressure feed and circulation pumps that are used in the reverse osmosis desalination process; and provides various spare parts and repair, and field services, as well as engages in the various commissioning activities.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]


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