Energy Recovery (NASDAQ:ERII) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Energy Recovery (NASDAQ:ERII) from a hold rating to a sell rating in a research report report published on Saturday morning.

Other equities research analysts have also recently issued research reports about the company. Freedom Capital cut Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Northcoast Research cut Energy Recovery from a “buy” rating to a “neutral” rating in a report on Wednesday, April 15th. Weiss Ratings cut Energy Recovery from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Seaport Research Partners reaffirmed a “buy” rating and issued a $12.00 price target on shares of Energy Recovery in a report on Wednesday. Finally, Loop Capital set a $13.00 price target on Energy Recovery in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Energy Recovery presently has an average rating of “Hold” and a consensus price target of $15.00.

Energy Recovery Price Performance

Shares of Energy Recovery stock opened at $8.41 on Friday. Energy Recovery has a 12 month low of $8.14 and a 12 month high of $18.32. The stock has a market capitalization of $433.45 million, a P/E ratio of 22.13 and a beta of 1.04. The business has a 50 day simple moving average of $10.30 and a two-hundred day simple moving average of $13.06.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, May 6th. The industrial products company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.13). Energy Recovery had a net margin of 15.07% and a return on equity of 10.89%. The company had revenue of $9.71 million during the quarter, compared to analyst estimates of $8.37 million. As a group, research analysts anticipate that Energy Recovery will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Arve Hanstveit sold 165,292 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $10.14, for a total value of $1,676,060.88. Following the completion of the transaction, the director directly owned 384,928 shares in the company, valued at approximately $3,903,169.92. This represents a 30.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Rodney Clemente sold 20,568 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $10.61, for a total value of $218,226.48. Following the completion of the transaction, the senior vice president owned 116,008 shares of the company’s stock, valued at $1,230,844.88. The trade was a 15.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 238,551 shares of company stock worth $2,456,512. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ERII. Amundi grew its position in Energy Recovery by 323.6% in the fourth quarter. Amundi now owns 2,851,691 shares of the industrial products company’s stock worth $38,457,000 after acquiring an additional 2,178,560 shares during the period. ArrowMark Colorado Holdings LLC purchased a new position in shares of Energy Recovery during the fourth quarter worth $5,086,000. State Street Corp boosted its position in shares of Energy Recovery by 22.6% during the fourth quarter. State Street Corp now owns 1,764,522 shares of the industrial products company’s stock worth $23,803,000 after buying an additional 325,280 shares during the period. Legal & General Group Plc boosted its position in shares of Energy Recovery by 32.2% during the third quarter. Legal & General Group Plc now owns 1,307,738 shares of the industrial products company’s stock worth $20,165,000 after buying an additional 318,584 shares during the period. Finally, Royce & Associates LP purchased a new position in shares of Energy Recovery during the third quarter worth $4,898,000. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Energy Recovery Company Profile

Energy Recovery, Inc (NASDAQ: ERII) is an energy technology company specializing in the design and manufacture of high-efficiency devices that capture and repurpose energy in fluid-handling applications. The company’s core offering, the Pressure Exchanger® (PX®) device, enables seawater reverse osmosis (SWRO) desalination plants to recover and reuse hydraulic energy that would otherwise be lost during brine discharge. By integrating PX technology into desalination processes, Energy Recovery helps operators significantly reduce the energy consumption and operating costs of producing fresh water from seawater or brackish sources.

In addition to desalination solutions, Energy Recovery has expanded its portfolio to serve the oil and gas sector through turbocharger systems that improve the energy efficiency of hydraulic fracturing operations.