Energy Recovery (NASDAQ:ERII) Trading Down 8.6%

Energy Recovery, Inc. (NASDAQ:ERII) shares fell 8.6% during mid-day trading on Wednesday . The company traded as low as $8.86 and last traded at $8.86, 736,073 shares were traded during trading. An increase of 253% from the average session volume of 208,672 shares. The stock had previously closed at $9.69.

A number of brokerages recently issued reports on ERII. BidaskClub cut Energy Recovery from a “hold” rating to a “sell” rating in a report on Wednesday. TheStreet raised Energy Recovery from a “c+” rating to a “b” rating in a report on Friday, May 3rd. Zacks Investment Research cut Energy Recovery from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Evercore ISI reissued a “buy” rating and set a $18.00 price objective on shares of Energy Recovery in a report on Thursday, August 8th. Finally, B. Riley set a $15.00 price objective on Energy Recovery and gave the stock a “buy” rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.25.

The firm has a market cap of $539.80 million, a price-to-earnings ratio of 44.53 and a beta of 4.32. The company has a quick ratio of 4.76, a current ratio of 5.09 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average price of $10.67.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Thursday, August 1st. The industrial products company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. The business had revenue of $22.80 million for the quarter, compared to analyst estimates of $20.53 million. Energy Recovery had a return on equity of 10.89% and a net margin of 20.21%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. On average, analysts predict that Energy Recovery, Inc. will post 0.13 EPS for the current year.

In other Energy Recovery news, VP Rodney Clemente sold 36,946 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $11.92, for a total value of $440,396.32. Following the transaction, the vice president now directly owns 81,299 shares in the company, valued at approximately $969,084.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hans Peter Michelet sold 20,000 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $9.92, for a total value of $198,400.00. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $148,800. The disclosure for this sale can be found here. Insiders sold a total of 279,761 shares of company stock worth $2,982,249 over the last 90 days. Corporate insiders own 22.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in ERII. Cubist Systematic Strategies LLC bought a new stake in shares of Energy Recovery in the 2nd quarter worth $147,000. Morgan Stanley increased its holdings in shares of Energy Recovery by 85.2% in the 2nd quarter. Morgan Stanley now owns 278,187 shares of the industrial products company’s stock worth $2,899,000 after purchasing an additional 127,992 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Energy Recovery by 93.3% in the 2nd quarter. Bank of America Corp DE now owns 51,620 shares of the industrial products company’s stock worth $538,000 after purchasing an additional 24,910 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Energy Recovery by 4.5% in the 2nd quarter. BlackRock Inc. now owns 2,518,679 shares of the industrial products company’s stock worth $26,245,000 after purchasing an additional 107,783 shares in the last quarter. Finally, Alambic Investment Management L.P. increased its holdings in shares of Energy Recovery by 41.2% in the 2nd quarter. Alambic Investment Management L.P. now owns 101,111 shares of the industrial products company’s stock worth $1,054,000 after purchasing an additional 29,481 shares in the last quarter. Institutional investors and hedge funds own 32.32% of the company’s stock.

About Energy Recovery (NASDAQ:ERII)

Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for small- to medium-sized desalination plants.

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