Energy Recovery (NASDAQ:ERII) Price Target Cut to $12.00 by Analysts at B. Riley

Energy Recovery (NASDAQ:ERII) had its price target cut by B. Riley from $13.00 to $12.00 in a report published on Monday morning, BenzingaRatingsTable reports. They currently have a buy rating on the industrial products company’s stock.

ERII has been the subject of a number of other reports. BidaskClub raised Energy Recovery from a sell rating to a hold rating in a report on Friday, December 13th. Zacks Investment Research raised Energy Recovery from a sell rating to a hold rating in a report on Tuesday, March 17th. Finally, Evercore ISI cut Energy Recovery to a hold rating in a report on Tuesday, March 17th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Energy Recovery currently has a consensus rating of Hold and a consensus target price of $13.60.

Shares of NASDAQ ERII traded up $0.13 during trading on Monday, reaching $7.26. The company had a trading volume of 266,000 shares, compared to its average volume of 231,236. Energy Recovery has a twelve month low of $6.11 and a twelve month high of $12.04. The stock has a market capitalization of $398.42 million, a PE ratio of 36.30 and a beta of 3.84. The stock has a 50-day moving average price of $9.40 and a two-hundred day moving average price of $9.49. The company has a current ratio of 4.06, a quick ratio of 3.69 and a debt-to-equity ratio of 0.08.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Thursday, March 5th. The industrial products company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. Energy Recovery had a return on equity of 7.68% and a net margin of 14.98%. The company had revenue of $15.78 million during the quarter, compared to analysts’ expectations of $17.70 million. On average, sell-side analysts predict that Energy Recovery will post 0.18 EPS for the current year.

In other news, Director Arve Hanstveit sold 14,818 shares of Energy Recovery stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $8.69, for a total value of $128,768.42. Following the completion of the sale, the director now owns 1,110,618 shares of the company’s stock, valued at $9,651,270.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Farshad Ghasripoor sold 2,869 shares of Energy Recovery stock in a transaction on Thursday, January 9th. The shares were sold at an average price of $10.00, for a total value of $28,690.00. Following the completion of the sale, the vice president now directly owns 67,189 shares of the company’s stock, valued at approximately $671,890. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,553 shares of company stock valued at $401,839. Company insiders own 23.80% of the company’s stock.

Large investors have recently made changes to their positions in the company. California Public Employees Retirement System grew its position in shares of Energy Recovery by 13.6% in the third quarter. California Public Employees Retirement System now owns 52,627 shares of the industrial products company’s stock valued at $488,000 after purchasing an additional 6,300 shares during the period. Metropolitan Life Insurance Co NY grew its position in shares of Energy Recovery by 29.2% in the third quarter. Metropolitan Life Insurance Co NY now owns 12,593 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 2,843 shares during the period. State Street Corp grew its position in Energy Recovery by 1.7% during the third quarter. State Street Corp now owns 715,974 shares of the industrial products company’s stock valued at $6,633,000 after acquiring an additional 11,777 shares during the period. Cornerstone Investment Partners LLC purchased a new stake in Energy Recovery during the fourth quarter valued at about $172,000. Finally, Aigen Investment Management LP purchased a new stake in Energy Recovery during the fourth quarter valued at about $112,000. 35.45% of the stock is owned by institutional investors and hedge funds.

About Energy Recovery

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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