Energy Recovery, Inc. (NASDAQ:ERII) Stock Has Average Price Target of $11.67 According to Brokerages

Energy Recovery, Inc. (NASDAQ:ERII) has earned a consensus rating of “Reduce” from the four ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and three have issued a hold rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $11.67.

Several research firms recently commented on ERII. Seaport Research Partners cut Energy Recovery from a “buy” rating to a “neutral” rating in a research report on Monday, September 14th. Weiss Ratings cut Energy Recovery from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, September 16th. Finally, B. Riley Financial dropped their price target on Energy Recovery from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th.

Energy Recovery Price Performance

NASDAQ ERII opened at $6.72 on Tuesday. Energy Recovery has a 1 year low of $6.60 and a 1 year high of $18.32. The stock has a market capitalization of $346.35 million, a PE ratio of 24.00 and a beta of 0.90. The company’s 50 day simple moving average is $7.83 and its two-hundred day simple moving average is $8.87.

Energy Recovery (NASDAQ:ERII) last released 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). Energy Recovery had a return on equity of 8.25% and a net margin of 12.72%.The firm had revenue of $12.00 million during the quarter, compared to the consensus estimate of $18.36 million. On average, research analysts anticipate that Energy Recovery will post -0.17 EPS for the current year.

Insiders Place Their Bets

In other Energy Recovery news, SVP Rodney Clemente sold 5,387 shares of Energy Recovery stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $8.56, for a total transaction of $46,112.72. Following the completion of the sale, the senior vice president directly owned 108,301 shares in the company, valued at $927,056.56. The trade was a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of Energy Recovery

Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new stake in Energy Recovery during the 2nd quarter valued at $1,399,000. Amundi increased its position in shares of Energy Recovery by 7.0% in the second quarter. Amundi now owns 4,003,535 shares of the industrial products company’s stock valued at $36,094,000 after acquiring an additional 263,226 shares during the period. Legal & General Group Plc bought a new position in shares of Energy Recovery during the second quarter valued at about $18,579,000. Kopion Asset Management LLC boosted its holdings in shares of Energy Recovery by 26.2% during the second quarter. Kopion Asset Management LLC now owns 639,545 shares of the industrial products company’s stock worth $5,769,000 after purchasing an additional 132,580 shares during the period. Finally, BlackRock Inc. bought a new stake in shares of Energy Recovery in the second quarter worth about $57,225,000. 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-recovery and fluid-management technologies for industrial applications. The company is best known for its PX Pressure Exchanger, which transfers hydraulic energy from high-pressure reject streams to incoming feedwater, helping reduce the energy requirements of seawater and brackish-water desalination systems.

Its products and related technologies are used in municipal and industrial water treatment, desalination, oil and gas, chemical processing, and other applications involving high-pressure fluids.