Energy Recovery (NASDAQ:ERII) Cut to Neutral at Seaport Research Partners
by Michael Walen · The Markets DailySeaport Research Partners downgraded shares of Energy Recovery (NASDAQ:ERII – Free Report) from a buy rating to a neutral rating in a research note released on Monday, Marketbeat reports.
ERII has been the topic of a number of other reports. B. Riley Financial dropped their price objective on shares of Energy Recovery from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Weiss Ratings raised shares of Energy Recovery from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, September 2nd. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Energy Recovery has an average rating of “Reduce” and an average price target of $11.67.
View Our Latest Stock Report on Energy Recovery
Energy Recovery Stock Performance
Shares of ERII opened at $7.10 on Monday. The stock has a 50 day simple moving average of $8.11 and a 200 day simple moving average of $9.08. Energy Recovery has a 52-week low of $6.89 and a 52-week high of $18.32. The firm has a market capitalization of $365.93 million, a PE ratio of 25.36 and a beta of 0.90.
Energy Recovery (NASDAQ:ERII – Get Free Report) last announced its earnings results on Wednesday, August 5th. The industrial products company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Energy Recovery had a return on equity of 8.25% and a net margin of 12.72%.The company had revenue of $12.00 million for the quarter, compared to analyst estimates of $18.36 million. Equities research analysts predict that Energy Recovery will post -0.17 EPS for the current fiscal year.
Insiders Place Their Bets
In other 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 transaction of $46,112.72. Following the completion of the transaction, the senior vice president directly owned 108,301 shares of the company’s stock, valued at $927,056.56. This trade represents a 4.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.50% of the stock is currently owned by company insiders.
Institutional Trading of Energy Recovery
Institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Energy Recovery in the second quarter valued at $57,225,000. Amundi lifted its position in Energy Recovery by 7.0% during the 2nd quarter. Amundi now owns 4,003,535 shares of the industrial products company’s stock worth $36,094,000 after buying an additional 263,226 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Energy Recovery during the 2nd quarter worth about $18,579,000. Kopion Asset Management LLC boosted its stake in shares of Energy Recovery by 26.2% during the 2nd quarter. Kopion Asset Management LLC now owns 639,545 shares of the industrial products company’s stock worth $5,769,000 after buying an additional 132,580 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Energy Recovery by 47.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 514,102 shares of the industrial products company’s stock valued at $5,177,000 after acquiring an additional 165,915 shares in the last quarter. Institutional investors own 83.58% of the company’s stock.
Energy Recovery Company Profile
Energy Recovery, Inc develops and manufactures energy-recovery and fluid-management technologies for industrial applications. The company is best known for its PX Pressure Exchanger, which transfers hydraulic energy from high-pressure reject streams to incoming feedwater, helping reduce the energy requirements of seawater and brackish-water desalination systems.
Its products and related technologies are used in municipal and industrial water treatment, desalination, oil and gas, chemical processing, and other applications involving high-pressure fluids.