Essex Investment Management Co. LLC Cuts Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

Essex Investment Management Co. LLC reduced its position in Energy Recovery, Inc. (NASDAQ:ERII) by 7.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 219,331 shares of the industrial products company’s stock after selling 18,095 shares during the quarter. Essex Investment Management Co. LLC owned about 0.38% of Energy Recovery worth $3,224,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in ERII. Baillie Gifford & Co. purchased a new position in shares of Energy Recovery in the 3rd quarter worth $15,237,000. Alpha Wave Global LP raised its position in shares of Energy Recovery by 93.0% in the 3rd quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock worth $20,374,000 after buying an additional 564,463 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Energy Recovery in the 4th quarter worth $5,741,000. KBC Group NV raised its position in Energy Recovery by 14.1% in the third quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock valued at $21,533,000 after purchasing an additional 153,381 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Energy Recovery by 66.6% in the third quarter. JPMorgan Chase & Co. now owns 274,893 shares of the industrial products company’s stock valued at $4,780,000 after purchasing an additional 109,847 shares during the period. 83.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Scotiabank assumed coverage on Energy Recovery in a research report on Thursday, December 5th. They issued a “buy” rating and a $22.00 price objective on the stock. Evercore ISI cut their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Seaport Res Ptn raised Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, B. Riley cut their price objective on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $20.75.

Insider Buying and Selling

In related news, SVP Rodney Clemente sold 21,444 shares of Energy Recovery stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $15.42, for a total value of $330,666.48. Following the completion of the transaction, the senior vice president now directly owns 111,109 shares in the company, valued at approximately $1,713,300.78. This trade represents a 16.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arve Hanstveit sold 20,000 shares of Energy Recovery stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total value of $337,400.00. Following the completion of the transaction, the director now owns 743,182 shares of the company’s stock, valued at $12,537,480.34. This trade represents a 2.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Energy Recovery Price Performance

Shares of Energy Recovery stock opened at $16.37 on Friday. The business has a 50-day moving average of $14.83 and a 200-day moving average of $16.21. The company has a market capitalization of $899.61 million, a PE ratio of 48.15 and a beta of 1.21. Energy Recovery, Inc. has a 1-year low of $12.26 and a 1-year high of $20.27.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). The business had revenue of $67.08 million for the quarter, compared to analyst estimates of $67.39 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. On average, equities analysts expect that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

Energy Recovery Company Profile

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.