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Shares of Energy Recovery (NASDAQ:ERII) shot up 5% during mid-day trading on Thursday following insider buying activity, AR Network reports. The company traded as high as $4.67 and last traded at $4.63, with a volume of 111,428 shares changing hands. The stock had previously closed at $4.41.

Specifically, major shareholder Ole Peter Lorentzen bought 735,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was purchased at an average cost of $4.38 per share, for a total transaction of $3,219,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Several analysts have recently commented on the stock. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Energy Recovery in a research note on Monday, August 11th. They now have a $5.00 price target on the stock, down previously from $6.50. Analysts at Zacks downgraded shares of Energy Recovery from a “neutral” rating to an “underperform” rating in a research note on Friday, August 8th. They now have a $3.70 price target on the stock. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $6.05.

The stock’s 50-day moving average is $4.47 and its 200-day moving average is $4.97. The company’s market cap is $236.6 million.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.06) by $0.03. The company had revenue of $6.41 million for the quarter, compared to the consensus estimate of $6.94 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The company’s revenue for the quarter was down 25.2% on a year-over-year basis. On average, analysts predict that Energy Recovery will post $-0.08 earnings per share for the current fiscal year.

Energy Recovery, Inc is engaged in developing, manufacturing and selling of energy recovery devices and circulation pumps primarily for uses in seawater desalination plants that use reverse osmosis technology.

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