Zacks Investment Research lowered shares of Energy Recovery (NASDAQ:ERII) from a strong-buy rating to a sell rating in a research report sent to investors on Monday, January 8th.
According to Zacks, “Based in San Leandro, California, ENERGY RECOVERY, INC. is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the water desalination industry. Energy Recovery, Inc. operates primarily in the sea water reverse osmosis segment of the desalination industry.ERI manufactures ultra-high efficiency recovery products and technology, specifically the ERI PX Pressure Exchanger, that are among the enabling technologies driving the rapid growth in seawater reverse osmosis desalination, and are helping to make desalination affordable worldwide. “
ERII has been the topic of a number of other reports. BidaskClub lowered shares of Energy Recovery from a buy rating to a hold rating in a research note on Tuesday, December 19th. Seaport Global Securities began coverage on shares of Energy Recovery in a research note on Tuesday, October 17th. They set a buy rating and a $17.00 target price on the stock. B. Riley set a $20.00 target price on shares of Energy Recovery and gave the stock a buy rating in a research note on Monday, December 18th. FBR & Co reissued a buy rating on shares of Energy Recovery in a research note on Wednesday, October 11th. Finally, ValuEngine upgraded shares of Energy Recovery from a sell rating to a hold rating in a report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Energy Recovery presently has an average rating of Buy and an average price target of $15.63.
Shares of Energy Recovery (ERII) opened at $7.89 on Monday. Energy Recovery has a 12 month low of $6.13 and a 12 month high of $11.30. The company has a market cap of $422.86, a price-to-earnings ratio of 112.71 and a beta of 5.48.
In related news, Director Hans Peter Michelet sold 50,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $8.91, for a total transaction of $445,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew B. Stroud, Jr. sold 7,117 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $11.00, for a total transaction of $78,287.00. Following the transaction, the vice president now owns 32,398 shares of the company’s stock, valued at approximately $356,378. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,117 shares of company stock valued at $545,787. 23.60% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of ERII. Parametric Portfolio Associates LLC bought a new position in Energy Recovery during the second quarter worth about $117,000. Perigon Wealth Management LLC boosted its position in Energy Recovery by 149.7% during the second quarter. Perigon Wealth Management LLC now owns 15,179 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 9,099 shares during the period. GSA Capital Partners LLP bought a new position in shares of Energy Recovery in the third quarter valued at approximately $130,000. Boothbay Fund Management LLC bought a new position in shares of Energy Recovery in the third quarter valued at approximately $131,000. Finally, PEAK6 Investments L.P. bought a new position in shares of Energy Recovery in the third quarter valued at approximately $150,000. Hedge funds and other institutional investors own 33.60% of the company’s stock.
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About Energy Recovery
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.
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