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

A number of brokerages recently issued reports on ERII. JMP Securities began coverage on Energy Recovery in a research report on Tuesday. They issued an “outperform” rating and a $12.00 price target for the company. BidaskClub downgraded Energy Recovery from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and issued a $17.00 price target (down from $20.00) on shares of Energy Recovery in a research report on Wednesday, August 9th. Zacks Investment Research upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Finally, FBR & Co set a $16.00 price target on Energy Recovery and gave the stock a “buy” rating in a research report on Monday, August 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $16.21.

The firm has a 50 day moving average price of $6.87 and a 200-day moving average price of $7.77. The firm has a market cap of $381.46 million, a price-to-earnings ratio of 245.52 and a beta of 5.54.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, August 2nd. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $12.20 million during the quarter, compared to analysts’ expectations of $14.99 million. Energy Recovery had a return on equity of 2.43% and a net margin of 3.07%. The business’s revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 EPS. Equities research analysts expect that Energy Recovery, Inc. will post $0.39 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. boosted its position in shares of Energy Recovery by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 119,212 shares of the industrial products company’s stock valued at $989,000 after purchasing an additional 741 shares during the period. Chicago Equity Partners LLC boosted its position in shares of Energy Recovery by 1.5% in the 1st quarter. Chicago Equity Partners LLC now owns 60,755 shares of the industrial products company’s stock valued at $505,000 after purchasing an additional 910 shares during the period. American International Group Inc. boosted its position in shares of Energy Recovery by 7.1% in the 1st quarter. American International Group Inc. now owns 21,200 shares of the industrial products company’s stock valued at $176,000 after purchasing an additional 1,399 shares during the period. Rhumbline Advisers boosted its position in shares of Energy Recovery by 7.3% in the 2nd quarter. Rhumbline Advisers now owns 40,107 shares of the industrial products company’s stock valued at $332,000 after purchasing an additional 2,712 shares during the period. Finally, Teachers Advisors LLC boosted its position in shares of Energy Recovery by 4.4% in the 2nd quarter. Teachers Advisors LLC now owns 68,641 shares of the industrial products company’s stock valued at $569,000 after purchasing an additional 2,887 shares during the period. 33.71% of the stock is owned by hedge funds and other institutional investors.

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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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