B. Riley Cuts Energy Recovery (NASDAQ:ERII) Price Target to $20.00

Energy Recovery (NASDAQ:ERII) had its target price trimmed by B. Riley from $22.00 to $20.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other research analysts also recently weighed in on ERII. StockNews.com raised Energy Recovery from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Fearnley Fonds downgraded Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Energy Recovery presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.33.

Energy Recovery Price Performance

Shares of NASDAQ:ERII opened at $15.65 on Tuesday. The company has a market cap of $906.04 million, a P/E ratio of 46.03 and a beta of 1.22. Energy Recovery has a 1 year low of $12.26 and a 1 year high of $20.27. The stock’s fifty day moving average price is $17.78 and its 200-day moving average price is $15.70.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The company had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $37.37 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. Energy Recovery’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Energy Recovery will post 0.41 earnings per share for the current year.

Insider Transactions at Energy Recovery

In other Energy Recovery news, CTO Farshad Ghasripoor sold 10,526 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.97, for a total transaction of $189,152.22. Following the completion of the transaction, the chief technology officer now owns 126,961 shares in the company, valued at $2,281,489.17. This trade represents a 7.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Rodney Clemente sold 6,505 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.98, for a total value of $116,959.90. Following the transaction, the senior vice president now owns 133,823 shares of the company’s stock, valued at $2,406,137.54. This represents a 4.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,406 shares of company stock valued at $828,688 over the last quarter. 4.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Energy Recovery

Several institutional investors have recently added to or reduced their stakes in the company. Barclays PLC grew its holdings in Energy Recovery by 376.6% during the 3rd quarter. Barclays PLC now owns 96,677 shares of the industrial products company’s stock valued at $1,681,000 after buying an additional 76,393 shares in the last quarter. Geode Capital Management LLC grew its holdings in Energy Recovery by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock valued at $23,631,000 after buying an additional 56,306 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Energy Recovery by 10.6% in the 3rd quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock worth $578,000 after purchasing an additional 3,176 shares during the period. Alpha Wave Global LP boosted its holdings in shares of Energy Recovery by 93.0% in the 3rd quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock worth $20,374,000 after purchasing an additional 564,463 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Energy Recovery by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company’s stock worth $8,150,000 after purchasing an additional 7,440 shares during the period. Hedge funds and other institutional investors own 83.58% of the company’s stock.

About Energy Recovery

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells energy efficiency technology solutions in the Americas, the Middle East, Africa, Asia, and Europe. The company operates through Water and Emerging Technologies segments. The company offers high and low pressure, and ultra pressure exchangers; AT and LPT hydraulic turbochargers; and high-pressure feed and circulation booster pumps for use in seawater and brackish desalination, and wastewater treatment.