B. Riley Financial Has Lowered Expectations for Energy Recovery (NASDAQ:ERII) Stock Price

Energy Recovery (NASDAQ:ERII) had its target price decreased by stock analysts at B. Riley Financial from $10.00 to $8.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. B. Riley Financial’s price objective suggests a potential downside of 6.65% from the company’s previous close.

Several other brokerages also recently commented on ERII. Wall Street Zen downgraded shares of Energy Recovery from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Seaport Research Partners reaffirmed a “buy” rating and set a $12.00 price target on shares of Energy Recovery in a research report on Wednesday, May 13th. Northcoast Research lowered Energy Recovery from a “buy” rating to a “neutral” rating in a report on Wednesday, April 15th. Weiss Ratings downgraded shares of Energy Recovery from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, June 25th. Finally, Freedom Capital cut Energy Recovery from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Energy Recovery has a consensus rating of “Hold” and an average price target of $13.50.

Energy Recovery Price Performance

Energy Recovery stock traded down $0.29 during midday trading on Thursday, hitting $8.57. The company’s stock had a trading volume of 123,328 shares, compared to its average volume of 859,814. The company has a market cap of $441.70 million, a price-to-earnings ratio of 22.55 and a beta of 0.91. Energy Recovery has a 1-year low of $7.83 and a 1-year high of $18.32. The company has a 50-day moving average price of $8.61 and a two-hundred day moving average price of $10.61.

Energy Recovery (NASDAQ:ERII) last released its earnings results on Wednesday, August 5th. The industrial products company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $12.00 million for the quarter, compared to analyst estimates of $18.36 million. Energy Recovery had a return on equity of 10.89% and a net margin of 15.07%. Sell-side analysts forecast that Energy Recovery will post -0.17 EPS for the current year.

Insider Activity at Energy Recovery

In other Energy Recovery news, SVP Rodney Clemente sold 5,387 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $8.56, for a total value 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. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Colin R. Sabol bought 11,180 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $8.88 per share, for a total transaction of $99,278.40. Following the completion of the transaction, the director owned 55,671 shares in the company, valued at $494,358.48. This trade represents a 25.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Energy Recovery

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amundi increased its holdings in Energy Recovery by 323.6% in the fourth quarter. Amundi now owns 2,851,691 shares of the industrial products company’s stock valued at $38,457,000 after buying an additional 2,178,560 shares in the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in Energy Recovery in the 4th quarter worth $5,086,000. State Street Corp raised its position in 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 acquiring an additional 325,280 shares during the period. Legal & General Group Plc grew its position in shares of Energy Recovery by 32.2% in the third quarter. Legal & General Group Plc now owns 1,307,738 shares of the industrial products company’s stock valued at $20,165,000 after purchasing an additional 318,584 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Energy Recovery by 146.0% during the second quarter. Qube Research & Technologies Ltd now owns 459,425 shares of the industrial products company’s stock worth $5,871,000 after purchasing an additional 272,648 shares in the last quarter. 83.58% of the stock is owned by institutional investors and hedge funds.

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.