Shares of Energy Recovery, Inc. (NASDAQ:ERII) rose 6% during mid-day trading on Tuesday . The company traded as high as $7.38 and last traded at $6.94. Approximately 612,616 shares changed hands during trading, an increase of 79% from the average daily volume of 342,428 shares. The stock had previously closed at $6.55.

ERII has been the topic of a number of recent research reports. Zacks Investment Research cut Energy Recovery from a “buy” rating to a “hold” rating in a report on Monday, May 8th. BidaskClub raised Energy Recovery from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Jefferies Group LLC reissued a “buy” rating and set a $17.00 price objective (down previously from $20.00) on shares of Energy Recovery in a report on Wednesday, August 9th. FBR & Co set a $16.00 price objective on Energy Recovery and gave the stock a “buy” rating in a report on Monday, August 28th. Finally, JMP Securities initiated coverage on Energy Recovery in a report on Tuesday. They set an “outperform” rating and a $12.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Energy Recovery has a consensus rating of “Buy” and a consensus price target of $16.21.

The firm has a market cap of $371.82 million, a PE ratio of 239.31 and a beta of 5.54. The firm’s 50 day moving average is $6.92 and its 200-day moving average is $7.79.

Energy Recovery (NASDAQ:ERII) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Energy Recovery had a return on equity of 2.43% and a net margin of 3.07%. The company had revenue of $12.20 million for the quarter, compared to the consensus estimate of $14.99 million. During the same period in the previous year, the business earned $0.01 earnings per share. The firm’s revenue for the quarter was down 7.6% on a year-over-year basis. Equities analysts forecast that Energy Recovery, Inc. will post $0.36 earnings per share for the current year.

Hedge funds have recently modified their holdings of the business. Alambic Investment Management L.P. purchased a new stake in Energy Recovery during the first quarter valued at approximately $104,000. Tudor Investment Corp ET AL purchased a new stake in Energy Recovery during the first quarter valued at approximately $113,000. Parametric Portfolio Associates LLC purchased a new stake in Energy Recovery during the second quarter valued at approximately $117,000. National Planning Corp raised its position in Energy Recovery by 21.3% during the second quarter. National Planning Corp now owns 18,743 shares of the industrial products company’s stock valued at $157,000 after purchasing an additional 3,297 shares during the period. Finally, Voya Investment Management LLC raised its position in Energy Recovery by 21.0% during the second quarter. Voya Investment Management LLC now owns 19,001 shares of the industrial products company’s stock valued at $158,000 after purchasing an additional 3,293 shares during the period. Institutional investors and hedge funds own 33.71% of the company’s stock.

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About Energy Recovery

Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.

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