Energy Recovery (NASDAQ:ERII) Stock Rating Cut to Strong Sell at Wall Street Zen

Energy Recovery (NASDAQ:ERII) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday, Wall Street Zen reports.

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

Energy Recovery Trading Up 6.6%

Shares of NASDAQ ERII opened at $7.15 on Friday. The company has a 50-day moving average of $7.02 and a 200 day moving average of $9.45. Energy Recovery has a 12-month low of $6.24 and a 12-month high of $16.30. The stock has a market cap of $368.51 million, a PE ratio of 79.44 and a beta of 0.89.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, November 4th. The industrial products company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). The company had revenue of $11.20 million for the quarter, compared to analyst estimates of $16.16 million. Energy Recovery had a net margin of 12.72% and a return on equity of 8.25%. On average, sell-side analysts forecast that Energy Recovery will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Energy Recovery

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Energy Recovery during the 2nd quarter valued at approximately $57,225,000. Amundi grew its stake in Energy Recovery by 7.0% in the second quarter. Amundi now owns 4,003,535 shares of the industrial products company’s stock valued at $36,094,000 after purchasing an additional 263,226 shares in the last quarter. Legal & General Group Plc acquired a new stake in Energy Recovery during the second quarter valued at approximately $18,579,000. Kopion Asset Management LLC increased its position in shares of Energy Recovery by 59.2% in the 3rd quarter. Kopion Asset Management LLC now owns 1,018,133 shares of the industrial products company’s stock valued at $6,791,000 after buying an additional 378,588 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Energy Recovery by 47.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 514,102 shares of the industrial products company’s stock worth $5,177,000 after buying an additional 165,915 shares during the period. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

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.