Zacks Investment Research upgraded shares of Energy Recovery (NASDAQ:ERII) from a hold rating to a buy rating in a research report released on Tuesday. They currently have $10.00 target price on the industrial products company’s stock.

According to Zacks, “Based in San Leandro, California, ENERGY RECOVERY, INC. is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the water desalination industry. Energy Recovery, Inc. operates primarily in the sea water reverse osmosis segment of the desalination industry.ERI manufactures ultra-high efficiency recovery products and technology, specifically the ERI PX Pressure Exchanger, that are among the enabling technologies driving the rapid growth in seawater reverse osmosis desalination, and are helping to make desalination affordable worldwide. “

Several other brokerages have also issued reports on ERII. BidaskClub upgraded shares of Energy Recovery from a sell rating to a hold rating in a report on Friday, August 10th. TheStreet upgraded shares of Energy Recovery from a c rating to a b- rating in a report on Tuesday, August 28th. B. Riley set a $20.00 price target on shares of Energy Recovery and gave the stock a buy rating in a research note on Monday, August 6th. Finally, ValuEngine upgraded shares of Energy Recovery from a hold rating to a buy rating in a research note on Tuesday, July 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $14.25.

ERII traded down $0.32 on Tuesday, hitting $8.85. The company had a trading volume of 157,904 shares, compared to its average volume of 299,393. The firm has a market cap of $497.69 million, a P/E ratio of 126.43 and a beta of 5.54. Energy Recovery has a 1 year low of $6.17 and a 1 year high of $11.30. The company has a current ratio of 4.22, a quick ratio of 3.99 and a debt-to-equity ratio of 0.12.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings data on Friday, November 2nd. The industrial products company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $22.20 million for the quarter, compared to analyst estimates of $20.63 million. Energy Recovery had a net margin of 48.60% and a return on equity of 12.63%. Energy Recovery’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. Equities research analysts forecast that Energy Recovery will post 0.19 earnings per share for the current year.

In other news, Director Arve Hanstveit sold 45,708 shares of the business’s stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $9.15, for a total transaction of $418,228.20. Following the completion of the transaction, the director now directly owns 1,113,945 shares of the company’s stock, valued at $10,192,596.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Nocair Bensalah sold 78,244 shares of the business’s stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $8.78, for a total value of $686,982.32. Following the transaction, the vice president now directly owns 95,000 shares of the company’s stock, valued at $834,100. The disclosure for this sale can be found here. Insiders have sold 155,356 shares of company stock worth $1,380,624 over the last quarter. Insiders own 23.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of Energy Recovery by 5.8% during the third quarter. Bank of New York Mellon Corp now owns 135,969 shares of the industrial products company’s stock worth $1,217,000 after buying an additional 7,480 shares in the last quarter. Manchester Capital Management LLC grew its position in shares of Energy Recovery by 55.9% during the second quarter. Manchester Capital Management LLC now owns 31,613 shares of the industrial products company’s stock worth $255,000 after buying an additional 11,338 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Energy Recovery during the third quarter worth about $115,000. First Trust Advisors LP grew its position in shares of Energy Recovery by 2.5% during the second quarter. First Trust Advisors LP now owns 563,416 shares of the industrial products company’s stock worth $4,552,000 after buying an additional 13,858 shares in the last quarter. Finally, Aristotle Atlantic Partners LLC acquired a new position in shares of Energy Recovery during the second quarter worth about $121,000. 36.99% of the stock is owned by institutional investors and hedge funds.

About Energy Recovery

Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names worldwide. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for low and high-pressure reverse osmosis systems.

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