Energy Recovery, Inc. (NASDAQ:ERII) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Energy Recovery, Inc. (NASDAQ:ERII) have earned an average recommendation of “Buy” from the six analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $20.75.

A number of research firms recently weighed in on ERII. Evercore ISI lowered their price objective on shares of Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. B. Riley lowered their price target on shares of Energy Recovery from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Scotiabank initiated coverage on shares of Energy Recovery in a research note on Thursday, December 5th. They set a “buy” rating and a $22.00 price objective on the stock. Seaport Res Ptn raised Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, Fearnley Fonds cut shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th.

Energy Recovery Price Performance

ERII stock opened at $15.06 on Monday. The company has a market capitalization of $871.88 million, a PE ratio of 44.29 and a beta of 1.18. Energy Recovery has a 12 month low of $12.26 and a 12 month high of $20.27. The firm’s 50-day moving average is $16.55 and its 200 day moving average is $16.16.

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, beating the consensus estimate of $0.14 by $0.01. The firm had revenue of $38.60 million during the quarter, compared to the consensus estimate of $37.37 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Sell-side analysts forecast that Energy Recovery will post 0.39 EPS for the current fiscal year.

Insider Activity at Energy Recovery

In related news, CEO David W. Moon sold 2,550 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 value of $45,823.50. Following the transaction, the chief executive officer now owns 87,101 shares in the company, valued at approximately $1,565,204.97. This represents a 2.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Farshad Ghasripoor sold 10,526 shares of Energy Recovery 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 sale, the chief technology officer now owns 126,961 shares of the company’s stock, valued at approximately $2,281,489.17. The trade was a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,406 shares of company stock valued at $1,166,088 in the last three months. 4.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Energy Recovery

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in shares of 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 purchasing an additional 56,306 shares in the last quarter. KBC Group NV grew its position 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 valued at $21,533,000 after acquiring an additional 153,381 shares during the period. Alpha Wave Global LP increased its stake 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 valued at $20,374,000 after purchasing an additional 564,463 shares in the last quarter. Baillie Gifford & Co. acquired a new position in Energy Recovery in the 3rd quarter worth about $15,237,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Energy Recovery by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company’s stock valued at $8,150,000 after purchasing an additional 7,440 shares during the period. 83.58% of the stock is owned by institutional investors and hedge funds.

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.