Insider Buying: Ole Peter Lorentzen Buys 735,000 Shares of Energy Recovery Stock (ERII)
Energy Recovery (NASDAQ:ERII) major shareholder Ole Peter Lorentzen acquired 735,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average cost of $4.38 per share, with a total value of $3,219,300.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Energy Recovery (NASDAQ:ERII) traded up 3.65% on Thursday, hitting $4.571. 149,830 shares of the company’s stock traded hands. Energy Recovery has a 52-week low of $3.60 and a 52-week high of $7.75. The stock has a 50-day moving average of $4.47 and a 200-day moving average of $4.9. The company’s market cap is $237.7 million.
Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the 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.
A number of research firms have recently commented on ERII. 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 assigned a hold rating to the company. The stock has an average rating of “Hold” and an average price target of $6.05.
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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