Energy Recovery Inc ( ERII ) shares are down 9.1%, adding to earlier 6% losses. The company's shares were downgraded today to Hold from Accumulate at Ardour Capital.
ERII trading was volatile yesterday as the company reported Q2 net revenue of $12.3 million, an increase of 85% compared to the same period of 2011.
The company announced EPS of $0.01, compared to a loss of $0.06 for the comparable period. The company reiterated previous guidance of 40% revenue growth in FY 2012.
Shares are trading in a 52-week range of $1.95 - $5.13.
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