Energy Recovery, Inc. (NASDAQ:ERII) rose 14.1% on Thursday . The company traded as high as $7.92 and last traded at $7.85. Approximately 937,636 shares were traded during trading, an increase of 142% from the average daily volume of 387,264 shares. The stock had previously closed at $6.88.
ERII has been the subject of a number of research analyst reports. Jefferies Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Energy Recovery in a research report on Wednesday, December 20th. B. Riley lifted their target price on Energy Recovery from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. ValuEngine lowered Energy Recovery from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. BidaskClub lowered Energy Recovery from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 31st. Finally, Zacks Investment Research lowered Energy Recovery from a “strong-buy” rating to a “sell” rating in a research report on Monday, January 8th. Three investment analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $15.63.
The company has a market capitalization of $413.81, a PE ratio of 130.83 and a beta of 5.34.
Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Wednesday, March 7th. The industrial products company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.17). The company had revenue of $22.39 million during the quarter, compared to the consensus estimate of $30.59 million. Energy Recovery had a return on equity of 5.75% and a net margin of 7.78%. The company’s revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 earnings per share. analysts expect that Energy Recovery, Inc. will post 0.05 EPS for the current fiscal year.
In other news, Director Hans Peter Michelet sold 50,000 shares of the business’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $8.91, for a total value of $445,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 23.60% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arlington Financial Advisors LLC bought a new position in shares of Energy Recovery in the 4th quarter worth $1,003,000. Neuberger Berman Group LLC raised its position in shares of Energy Recovery by 200.0% in the 3rd quarter. Neuberger Berman Group LLC now owns 60,000 shares of the industrial products company’s stock worth $474,000 after acquiring an additional 40,000 shares in the last quarter. D.A. Davidson & CO. raised its position in shares of Energy Recovery by 20.1% in the 3rd quarter. D.A. Davidson & CO. now owns 87,400 shares of the industrial products company’s stock worth $690,000 after acquiring an additional 14,600 shares in the last quarter. Cadence Capital Management LLC bought a new position in shares of Energy Recovery in the 4th quarter worth $1,661,000. Finally, 683 Capital Management LLC raised its position in shares of Energy Recovery by 115.3% in the 3rd quarter. 683 Capital Management LLC now owns 700,100 shares of the industrial products company’s stock worth $5,531,000 after acquiring an additional 374,900 shares in the last quarter. 36.68% of the stock is owned by hedge funds and other institutional investors.
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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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