Energy Recovery (NASDAQ:ERII) Price Target Lowered to $20.00 at Evercore ISI

Energy Recovery (NASDAQ:ERII) had its price objective cut by Evercore ISI from $23.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Evercore ISI’s price target would indicate a potential upside of 27.88% from the stock’s previous close.

Several other brokerages also recently weighed in on ERII. B. Riley reduced their price target on Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. StockNews.com upgraded shares of Energy Recovery from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Fearnley Fonds downgraded shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Two equities 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.33.

Energy Recovery Price Performance

NASDAQ:ERII opened at $15.64 on Tuesday. Energy Recovery has a one year low of $12.26 and a one year high of $20.27. The company’s 50-day simple moving average is $17.78 and its 200 day simple moving average is $15.67. The firm has a market capitalization of $905.40 million, a P/E ratio of 46.00 and a beta of 1.22.

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

Insider Activity at Energy Recovery

In other news, SVP Rodney Clemente sold 19,618 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $20.00, for a total transaction of $392,360.00. Following the sale, the senior vice president now owns 114,205 shares of the company’s stock, valued at $2,284,100. This trade represents a 14.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Farshad Ghasripoor sold 10,526 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $189,152.22. Following the transaction, the chief technology officer now owns 126,961 shares in the company, valued at approximately $2,281,489.17. This trade represents a 7.66 % 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 ninety days. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Energy Recovery by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 3,009,429 shares of the industrial products company’s stock valued at $47,519,000 after purchasing an additional 53,720 shares during the last quarter. Geode Capital Management LLC raised its position in Energy Recovery by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock worth $23,631,000 after acquiring an additional 56,306 shares during the period. KBC Group NV boosted its stake in shares of Energy Recovery by 14.1% during the 3rd quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock worth $21,533,000 after acquiring an additional 153,381 shares during the last quarter. Alpha Wave Global LP boosted its stake in shares of Energy Recovery by 93.0% during 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 acquiring an additional 564,463 shares during the last quarter. Finally, Baillie Gifford & Co. bought a new stake in shares of Energy Recovery during the 3rd quarter valued at $15,237,000. 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.