Energy Recovery, Inc. (NASDAQ:ERII – Get Free Report) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $7.11 and traded as high as $7.12. Energy Recovery shares last traded at $7.12, with a volume of 703,340 shares trading hands.
Analyst Upgrades and Downgrades
Several brokerages have commented on ERII. Weiss Ratings cut shares of Energy Recovery from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, September 16th. Seaport Research Partners lowered Energy Recovery from a “buy” rating to a “neutral” rating in a research report on Monday, September 14th. Finally, B. Riley Financial decreased their target price on Energy Recovery from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $11.67.
Get Our Latest Research Report on ERII
Energy Recovery Trading Down 2.2%
The business has a 50-day moving average price of $7.10 and a 200 day moving average price of $9.63. The stock has a market capitalization of $358.75 million, a P/E ratio of 24.86 and a beta of 0.91.
Energy Recovery (NASDAQ:ERII – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The industrial products company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The business had revenue of $12.00 million during the quarter, compared to the consensus estimate of $18.36 million. Energy Recovery had a return on equity of 8.25% and a net margin of 12.72%. On average, sell-side analysts predict that Energy Recovery, Inc. will post -0.17 earnings per share for the current fiscal year.
Institutional Trading of Energy Recovery
Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Energy Recovery during the second quarter valued at $57,225,000. Legal & General Group Plc bought a new stake in shares of Energy Recovery in the 2nd quarter worth about $18,579,000. Amundi lifted its holdings in shares of Energy Recovery by 31.2% in the 1st quarter. Amundi now owns 3,740,309 shares of the industrial products company’s stock worth $37,648,000 after acquiring an additional 888,618 shares during the last quarter. Kopion Asset Management LLC lifted its holdings in shares of Energy Recovery by 59.2% in the 3rd quarter. Kopion Asset Management LLC now owns 1,018,133 shares of the industrial products company’s stock worth $6,791,000 after acquiring an additional 378,588 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Energy Recovery by 47.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 514,102 shares of the industrial products company’s stock worth $5,177,000 after purchasing an additional 165,915 shares during the period. 83.58% of the stock is currently owned by hedge funds and other institutional investors.
About Energy Recovery
Energy Recovery, Inc develops and manufactures energy-efficiency technologies for industrial fluid-flow applications. The company is best known for its pressure exchanger systems, which capture hydraulic energy from high-pressure fluid streams and transfer it to lower-pressure incoming fluids. This process can reduce energy consumption and operating costs in demanding industrial environments.
Energy Recovery’s products are used extensively in seawater and brackish-water reverse-osmosis desalination, where its PX Pressure Exchanger technology helps recover energy from the high-pressure reject stream.
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