Energy Recovery (NASDAQ:ERII) Coverage Initiated at B. Riley

B. Riley initiated coverage on shares of Energy Recovery (NASDAQ:ERIIGet Rating) in a research note issued to investors on Thursday morning, MarketBeat.com reports. The firm issued a buy rating and a $28.00 price objective on the industrial products company’s stock. B. Riley also issued estimates for Energy Recovery’s Q4 2022 earnings at $0.15 EPS, Q2 2023 earnings at ($0.02) EPS, FY2023 earnings at $0.27 EPS, FY2024 earnings at $0.42 EPS and FY2025 earnings at $1.21 EPS.

A number of other equities research analysts also recently weighed in on the stock. Fearnley Fonds downgraded shares of Energy Recovery from a buy rating to a hold rating in a research report on Monday, November 7th. Evercore ISI boosted their price objective on shares of Energy Recovery to $27.00 in a research report on Monday, August 15th. Raymond James raised shares of Energy Recovery from a market perform rating to an outperform rating and set a $23.00 price objective for the company in a research report on Tuesday, November 8th. Finally, StockNews.com started coverage on shares of Energy Recovery in a research report on Wednesday, October 12th. They set a hold rating for the company. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $26.00.

Energy Recovery Stock Up 1.2 %

Shares of NASDAQ:ERII opened at $21.33 on Thursday. Energy Recovery has a fifty-two week low of $16.92 and a fifty-two week high of $26.34. The firm has a 50-day simple moving average of $22.66 and a 200 day simple moving average of $21.39. The company has a market cap of $1.19 billion, a PE ratio of 79.00 and a beta of 1.20.

Insider Transactions at Energy Recovery

In other news, Director Sherif Foda sold 15,879 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $25.50, for a total value of $404,914.50. Following the completion of the sale, the director now directly owns 9,619 shares of the company’s stock, valued at approximately $245,284.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Energy Recovery

A number of institutional investors have recently made changes to their positions in ERII. Daiwa Securities Group Inc. lifted its stake in Energy Recovery by 45.7% during the first quarter. Daiwa Securities Group Inc. now owns 6,278 shares of the industrial products company’s stock valued at $126,000 after purchasing an additional 1,970 shares during the last quarter. SG Americas Securities LLC lifted its stake in Energy Recovery by 683.7% during the first quarter. SG Americas Securities LLC now owns 71,802 shares of the industrial products company’s stock valued at $1,446,000 after purchasing an additional 62,640 shares during the last quarter. Redmond Asset Management LLC lifted its stake in Energy Recovery by 193.1% during the first quarter. Redmond Asset Management LLC now owns 93,665 shares of the industrial products company’s stock valued at $1,886,000 after purchasing an additional 61,712 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Energy Recovery by 4.7% during the first quarter. Victory Capital Management Inc. now owns 109,008 shares of the industrial products company’s stock valued at $2,155,000 after purchasing an additional 4,928 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its stake in Energy Recovery by 6.9% during the first quarter. Advisor Group Holdings Inc. now owns 8,731 shares of the industrial products company’s stock valued at $176,000 after purchasing an additional 561 shares during the last quarter. 73.62% of the stock is owned by institutional investors and hedge funds.

Energy Recovery Company Profile

(Get Rating)

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells various solutions for the seawater reverse osmosis desalination and industrial wastewater treatment industries worldwide. The company operates through Water and Emerging Technologies segments. It offers a suite of products, including energy recovery devices, and high-pressure feed and recirculation pumps; hydraulic turbochargers and boosters; and spare parts, as well as repair, field, and commissioning services.

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