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Investors look to Lighten Up on Shares of Energy Recovery, Shares Down 5.2% (ERII)
Mar 11, 2013 (SmarTrend(R) Spotlight via COMTEX) --
Energy Recovery (NASDAQ:ERII) is one of today's worst performing low-priced stocks, down 5.2% to $4.03 on 1.8x average daily volume. Energy Recovery has traded 391,000 shares thus far today, vs. average volume of 215,000 shares per day. The stock has underperformed the Dow (-5.2% to the Dow's 0.2%) and underperformed the S&P 500 (-5.2% to the S&P's 0.1%) during today's trading.
Energy Recovery Inc. develops and manufactures energy recovery devices utilized in the water desalination industry. The Company's technology is used to drive sea water through filtering membranes to produce fresh water.
Energy Recovery (NASDAQ:ERII) is currently priced 12.3% above its average consensus analyst price target of $3.53. The stock should discover initial support at its 50-day moving average (MA) of $3.86 and subsequent support at its 200-day MA of $2.98.
In the past 52 weeks, Energy Recovery share prices have been bracketed by a low of $1.95 and a high of $5.13 and are now at $4.03, 107% above that low price. The 200-day and 50-day moving averages have moved 1.99% higher and 3.14% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Energy Recovery on November 23rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.03. Since that recommendation, shares of Energy Recovery have risen 40.3%. We continue to monitor ERII for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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