Energy Recovery (NASDAQ:ERII) Stock Price Down 4.6% – Here’s Why

Shares of Energy Recovery, Inc. (NASDAQ:ERII) were down 4.6% on Monday . The stock traded as low as $17.63 and last traded at $17.89. Approximately 200,108 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 407,953 shares. The stock had previously closed at $18.75.

Analyst Upgrades and Downgrades

ERII has been the subject of several recent research reports. Evercore ISI lowered their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday. Fearnley Fonds cut shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. StockNews.com raised shares of Energy Recovery from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, B. Riley lowered their price objective on shares of Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.33.

Energy Recovery Trading Up 1.0 %

The stock has a market capitalization of $897.30 million, a P/E ratio of 45.74 and a beta of 1.22. The business has a 50-day moving average price of $17.78 and a 200 day moving average price of $15.70.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, beating 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 net margin of 14.35% and a return on equity of 8.90%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 EPS. On average, sell-side analysts predict that Energy Recovery, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Rodney Clemente sold 6,505 shares of Energy Recovery stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.98, for a total value of $116,959.90. Following the transaction, the senior vice president now owns 133,823 shares of the company’s stock, valued at $2,406,137.54. The trade was a 4.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Farshad Ghasripoor sold 10,526 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $189,152.22. Following the sale, the chief technology officer now owns 126,961 shares in the company, valued at $2,281,489.17. The trade was a 7.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,406 shares of company stock worth $828,688. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ERII. State Board of Administration of Florida Retirement System lifted its stake in Energy Recovery by 391.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 78,204 shares of the industrial products company’s stock valued at $1,235,000 after acquiring an additional 62,287 shares during the period. KBC Group NV lifted its position in Energy Recovery by 14.1% during the third quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock valued at $21,533,000 after purchasing an additional 153,381 shares during the period. Federated Hermes Inc. purchased a new stake in Energy Recovery in the second quarter valued at $472,000. Baillie Gifford & Co. acquired a new stake in Energy Recovery during the 3rd quarter worth about $15,237,000. Finally, Summit Global Investments acquired a new position in shares of Energy Recovery in the 3rd quarter valued at about $939,000. Hedge funds and other 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.