Energy Recovery (NASDAQ:ERII) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a research note issued on Monday.
According to Zacks, “Based in San Leandro, California, ENERGY RECOVERY, INC. is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the water desalination industry. Energy Recovery, Inc. operates primarily in the sea water reverse osmosis segment of the desalination industry.ERI manufactures ultra-high efficiency recovery products and technology, specifically the ERI PX Pressure Exchanger, that are among the enabling technologies driving the rapid growth in seawater reverse osmosis desalination, and are helping to make desalination affordable worldwide. “
ERII has been the topic of a number of other research reports. B. Riley lifted their target price on Energy Recovery from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. ValuEngine raised Energy Recovery from a “sell” rating to a “hold” rating in a research report on Thursday, November 2nd. Jefferies Group reissued a “buy” rating and issued a $14.00 target price on shares of Energy Recovery in a research report on Wednesday, December 20th. FBR & Co reissued a “buy” rating on shares of Energy Recovery in a research report on Wednesday, October 11th. Finally, Seaport Global Securities started coverage on Energy Recovery in a research report on Tuesday, October 17th. They issued a “buy” rating and a $17.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $15.89.
Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, November 1st. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.31). Energy Recovery had a net margin of 7.78% and a return on equity of 5.75%. The firm had revenue of $15.08 million during the quarter, compared to analyst estimates of $14.64 million. During the same period in the prior year, the business posted ($0.01) EPS. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. sell-side analysts expect that Energy Recovery will post 0.05 EPS for the current fiscal year.
In other Energy Recovery news, VP Andrew B. Stroud, Jr. sold 7,117 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $11.00, for a total value of $78,287.00. Following the completion of the transaction, the vice president now directly owns 32,398 shares in the company, valued at $356,378. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Hans Peter Michelet sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $8.91, for a total value of $445,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,117 shares of company stock valued at $545,787. Corporate insiders own 23.60% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Parametric Portfolio Associates LLC bought a new position in Energy Recovery in the second quarter valued at approximately $117,000. Perigon Wealth Management LLC grew its stake in Energy Recovery by 149.7% in the second quarter. Perigon Wealth Management LLC now owns 15,179 shares of the industrial products company’s stock valued at $126,000 after purchasing an additional 9,099 shares in the last quarter. GSA Capital Partners LLP bought a new position in Energy Recovery in the third quarter valued at approximately $130,000. Boothbay Fund Management LLC bought a new position in Energy Recovery in the third quarter valued at approximately $131,000. Finally, PEAK6 Investments L.P. bought a new position in Energy Recovery in the third quarter valued at approximately $150,000. Hedge funds and other institutional investors own 33.58% of the company’s stock.
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Energy Recovery Company Profile
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.
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