Energy Recovery (NASDAQ:ERII) Stock Price Crosses Above 50 Day Moving Average – Here’s What Happened

Energy Recovery, Inc. (NASDAQ:ERII)’s share price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $7.02 and traded as high as $7.20. Energy Recovery shares last traded at $7.15, with a volume of 1,255,291 shares.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Energy Recovery from a “sell” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings lowered shares of Energy Recovery from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, September 16th. Zacks Research cut shares of Energy Recovery from a “hold” rating to a “strong sell” rating in a report on Wednesday. B. Riley Financial decreased their price target on shares of Energy Recovery from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Finally, Seaport Research Partners downgraded Energy Recovery from a “buy” rating to a “neutral” rating in a research report on Monday, September 14th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $11.67.

Energy Recovery Price Performance

The company has a market cap of $368.51 million, a PE ratio of 79.44 and a beta of 0.89. The company has a fifty day moving average price of $7.02 and a 200 day moving average price of $9.45.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, November 4th. The industrial products company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). Energy Recovery had a net margin of 5.15% and a return on equity of 2.82%. The company had revenue of $11.20 million during the quarter, compared to analysts’ expectations of $16.16 million. As a group, sell-side analysts predict that Energy Recovery, Inc. will post -0.17 EPS for the current fiscal year.

Institutional Trading of Energy Recovery

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Energy Recovery in the 2nd quarter worth approximately $57,225,000. Legal & General Group Plc bought a new position in shares of Energy Recovery during the 2nd quarter valued at $18,579,000. Amundi grew its holdings in shares of Energy Recovery by 31.2% during the 1st quarter. Amundi now owns 3,740,309 shares of the industrial products company’s stock valued at $37,648,000 after purchasing an additional 888,618 shares during the last quarter. Kopion Asset Management LLC raised its position in 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 worth $6,791,000 after purchasing an additional 378,588 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in Energy Recovery by 47.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 514,102 shares of the industrial products company’s stock worth $5,177,000 after purchasing an additional 165,915 shares during the period. 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.