Energy Recovery (NASDAQ:ERII) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Energy Recovery (NASDAQ:ERII) from a sell rating to a strong sell rating in a research note published on Saturday morning,Wall Street Zen reports.

Several other research firms have also issued reports on ERII. Zacks Research lowered shares of Energy Recovery from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 4th. B. Riley Financial cut their price target on Energy Recovery from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Weiss Ratings cut Energy Recovery from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, September 16th. Finally, Seaport Research Partners downgraded Energy Recovery from a “buy” rating to a “neutral” rating in a research report on Monday, September 14th. Three investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $11.67.

Energy Recovery Price Performance

NASDAQ:ERII opened at $7.39 on Friday. The company has a 50 day moving average price of $7.01 and a 200-day moving average price of $9.42. Energy Recovery has a 1-year low of $6.24 and a 1-year high of $16.30. The firm has a market cap of $380.88 million, a price-to-earnings ratio of 79.67 and a beta of 0.89.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Wednesday, November 4th. The industrial products company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Energy Recovery had a net margin of 5.15% and a return on equity of 2.74%. The firm had revenue of $11.20 million for the quarter, compared to analyst estimates of $16.16 million. On average, sell-side analysts anticipate that Energy Recovery will post -0.17 earnings per share for the current fiscal year.

Institutional Trading of Energy Recovery

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Energy Recovery in the 2nd quarter valued at about $57,225,000. Legal & General Group Plc purchased a new stake in Energy Recovery during the 2nd quarter worth approximately $18,579,000. Amundi increased its stake in Energy Recovery by 31.2% during the 1st quarter. Amundi now owns 3,740,309 shares of the industrial products company’s stock worth $37,648,000 after buying an additional 888,618 shares in the last quarter. Kopion Asset Management LLC raised its holdings in shares of Energy Recovery by 59.2% during the third quarter. Kopion Asset Management LLC now owns 1,018,133 shares of the industrial products company’s stock valued at $6,791,000 after acquiring an additional 378,588 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Energy Recovery by 47.7% during the first 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 during the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

About Energy Recovery

Energy Recovery, Inc develops and manufactures energy-efficiency technologies for industrial fluid-flow applications. The company is best known for its pressure exchanger systems, which capture hydraulic energy from high-pressure fluid streams and transfer it to lower-pressure incoming fluids. This process can reduce energy consumption and operating costs in demanding industrial environments.

Energy Recovery’s products are used extensively in seawater and brackish-water reverse-osmosis desalination, where its PX Pressure Exchanger technology helps recover energy from the high-pressure reject stream.