Energy Recovery Announces New Stock Repurchase Program
Energy Recovery, Inc. (ERII) announced on March 8 that the company’s Board of Directors authorized a new stock repurchase program. Under this new program, the company can repurchase up to $10 million worth of outstanding shares. Energy Recovery provides energy solutions to worldwide industrial fluid flow markets.
Sonal received the news and alerted subscribers at 9:00 am. The next trade took place at 9:05 am for $6.65. Regular market trading for the day opened at $7.15. Energy Recovery continued to climb higher throughout the day before closing at $7.85.
The stock price continued to rise over the next five trading days. Energy Recovery closed at $8.77 on March 15. Investors trading on the event had the opportunity to earn almost 32% in the week following the announcement.
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