B. Riley Issues Positive Forecast for Energy Recovery (NASDAQ:ERII) Stock Price

Key Points

• B. Riley has raised its price target for Energy Recovery Inc. (NASDAQ: ERII) from $12.50 to $14.00, maintaining a "neutral" rating amidst a potential downside of 5.02% from the previous close.
• Despite an increase in stock price trading up 8.2%, Energy Recovery announced a disappointing quarterly earnings report, missing consensus estimates with ($0.13) EPS against expected earnings of $0.03.
• Recent insider activity shows both the Director and CEO purchased shares, increasing their ownership by 11.40% and 12.82% respectively, signaling confidence in the company's performance.

Energy Recovery (NASDAQ:ERII - Get Free Report) had its price objective upped by equities researchers at B. Riley from $12.50 to $14.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the industrial products company's stock. B. Riley's price target suggests a potential upside of 0.79% from the company's current price.

Several other research analysts also recently issued reports on the stock. Fearnley Fonds upgraded shares of Energy Recovery from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Wall Street Zen downgraded shares of Energy Recovery from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $18.67.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII traded down $0.30 on Thursday, hitting $13.89. 559,214 shares of the company were exchanged, compared to its average volume of 424,401. The company's 50 day moving average price is $13.02 and its two-hundred day moving average price is $14.14. Energy Recovery has a one year low of $10.86 and a one year high of $20.27. The firm has a market capitalization of $738.95 million, a price-to-earnings ratio of 33.07 and a beta of 1.03.

Insider Buying and Selling

In other news, SVP Rodney Clemente sold 5,387 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $13.97, for a total value of $75,256.39. Following the sale, the senior vice president owned 100,765 shares in the company, valued at approximately $1,407,687.05. The trade was a 5.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arve Hanstveit sold 30,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $12.68, for a total transaction of $380,400.00. Following the completion of the sale, the director owned 655,220 shares in the company, valued at $8,308,189.60. This represents a 4.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,387 shares of company stock valued at $710,656. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Energy Recovery

Several large investors have recently added to or reduced their stakes in the company. Raiffeisen Bank International AG grew its stake in Energy Recovery by 6.1% during the second quarter. Raiffeisen Bank International AG now owns 260,000 shares of the industrial products company's stock worth $3,154,000 after buying an additional 15,000 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Energy Recovery by 11.0% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 26,461 shares of the industrial products company's stock worth $338,000 after purchasing an additional 2,623 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of Energy Recovery by 33.3% during the second quarter. Intech Investment Management LLC now owns 36,068 shares of the industrial products company's stock worth $461,000 after purchasing an additional 9,016 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Energy Recovery by 105.3% during the second quarter. SG Americas Securities LLC now owns 102,579 shares of the industrial products company's stock worth $1,311,000 after purchasing an additional 52,610 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Energy Recovery during the second quarter worth $2,381,000. 83.58% of the stock is owned by institutional investors.

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.