ERII has been the topic of a number of other research reports. B. Riley set a $20.00 price target on Energy Recovery and gave the company a buy rating in a report on Friday. BidaskClub cut Energy Recovery from a buy rating to a hold rating in a report on Tuesday, December 19th. ValuEngine raised Energy Recovery from a sell rating to a hold rating in a report on Friday. Finally, Zacks Investment Research raised Energy Recovery from a hold rating to a strong-buy rating and set a $10.00 price target on the stock in a report on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $15.63.
Energy Recovery (ERII) opened at $8.47 on Thursday. Energy Recovery has a 52 week low of $6.13 and a 52 week high of $11.30. The company has a market capitalization of $489.80, a P/E ratio of 24.20 and a beta of 5.34.
Energy Recovery announced that its Board of Directors has approved a stock buyback program on Thursday, March 8th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Hans Peter Michelet sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $8.91, for a total transaction of $445,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 23.60% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its holdings in Energy Recovery by 73.7% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 20,550 shares of the industrial products company’s stock worth $180,000 after purchasing an additional 8,720 shares in the last quarter. 683 Capital Management LLC raised its holdings in Energy Recovery by 7.1% during the fourth quarter. 683 Capital Management LLC now owns 750,000 shares of the industrial products company’s stock worth $6,563,000 after purchasing an additional 49,900 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in Energy Recovery during the fourth quarter worth approximately $157,000. LPL Financial LLC bought a new stake in Energy Recovery during the fourth quarter worth approximately $155,000. Finally, Crestline Management LP bought a new stake in Energy Recovery during the fourth quarter worth approximately $1,016,000. 36.68% of the stock is currently owned by hedge funds and other institutional investors.
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About Energy Recovery
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.
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