Short Interest in Energy Recovery, Inc. (NASDAQ:ERII) Declines By 9.8%

Energy Recovery, Inc. (NASDAQ:ERII) was the recipient of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 4,490,000 shares, a decrease of 9.8% from the January 15th total of 4,980,000 shares. Based on an average daily volume of 215,000 shares, the days-to-cover ratio is currently 20.9 days. Approximately 11.8% of the shares of the stock are sold short.

In related news, Director Ole Peter Lorentzen sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $8.73, for a total transaction of $1,309,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arve Hanstveit sold 39,787 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $8.78, for a total value of $349,329.86. Insiders have sold a total of 204,240 shares of company stock worth $1,808,863 over the last quarter. Corporate insiders own 23.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Energy Recovery by 5.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,471,989 shares of the industrial products company’s stock worth $14,411,000 after buying an additional 74,685 shares during the last quarter. State Street Corp grew its position in shares of Energy Recovery by 5.9% in the 4th quarter. State Street Corp now owns 758,413 shares of the industrial products company’s stock worth $7,425,000 after buying an additional 42,439 shares during the last quarter. First Trust Advisors LP grew its position in shares of Energy Recovery by 7.2% in the 4th quarter. First Trust Advisors LP now owns 632,151 shares of the industrial products company’s stock worth $6,189,000 after buying an additional 42,384 shares during the last quarter. Essex Investment Management Co. LLC grew its position in shares of Energy Recovery by 11.9% in the 4th quarter. Essex Investment Management Co. LLC now owns 361,242 shares of the industrial products company’s stock worth $3,537,000 after buying an additional 38,310 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Energy Recovery by 85.2% in the 2nd quarter. Morgan Stanley now owns 278,187 shares of the industrial products company’s stock worth $2,899,000 after buying an additional 127,992 shares during the last quarter. Hedge funds and other institutional investors own 34.57% of the company’s stock.

Several equities analysts recently issued reports on ERII shares. Zacks Investment Research lowered Energy Recovery from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. ValuEngine lowered Energy Recovery from a “buy” rating to a “hold” rating in a research report on Thursday, November 14th. Raymond James started coverage on Energy Recovery in a research report on Wednesday, October 23rd. They set an “outperform” rating and a $12.00 price target on the stock. Finally, BidaskClub upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $14.20.

ERII traded down $0.07 on Friday, hitting $10.83. 120,994 shares of the company were exchanged. The firm has a fifty day simple moving average of $10.21 and a two-hundred day simple moving average of $9.61. Energy Recovery has a 12 month low of $7.72 and a 12 month high of $12.04.

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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