Old West Investment Management LLC Takes $663,000 Position in Energy Recovery, Inc. $ERII

Key Points

• Old West Investment Management LLC recently acquired 41,742 shares of Energy Recovery, Inc., totaling approximately $663,000, which reflects an interest in the company's potential growth.
• Institutional investors collectively own 83.58% of Energy Recovery's stock, highlighting significant institutional interest and backing in the company.
• Analyst ratings for Energy Recovery include two "Strong Buy," two "Buy," and one "Hold," with a consensus price target of $18.67, indicating optimistic expectations for the stock's performance.

Old West Investment Management LLC acquired a new position in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 41,742 shares of the industrial products company's stock, valued at approximately $663,000. Old West Investment Management LLC owned about 0.08% of Energy Recovery at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ERII. Wells Fargo & Company MN raised its position in shares of Energy Recovery by 9.7% during the fourth quarter. Wells Fargo & Company MN now owns 57,652 shares of the industrial products company's stock worth $847,000 after acquiring an additional 5,115 shares during the last quarter. Barclays PLC increased its holdings in Energy Recovery by 10.5% in the fourth quarter. Barclays PLC now owns 106,815 shares of the industrial products company's stock worth $1,570,000 after purchasing an additional 10,138 shares in the last quarter. Marshall Wace LLP bought a new stake in Energy Recovery in the fourth quarter worth approximately $2,611,000. Dimensional Fund Advisors LP increased its holdings in Energy Recovery by 13.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 768,091 shares of the industrial products company's stock worth $11,291,000 after purchasing an additional 89,248 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Energy Recovery by 6.0% in the fourth quarter. MetLife Investment Management LLC now owns 34,130 shares of the industrial products company's stock worth $502,000 after purchasing an additional 1,924 shares in the last quarter. 83.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ERII has been the subject of a number of research analyst reports. Fearnley Fonds upgraded Energy Recovery from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Wall Street Zen downgraded Energy Recovery from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, B. Riley lifted their target price on Energy Recovery from $12.50 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Energy Recovery presently has an average rating of "Buy" and a consensus target price of $18.67.

Energy Recovery Stock Down 1.4%

ERII stock traded down $0.20 during midday trading on Friday, hitting $14.21. The company's stock had a trading volume of 210,455 shares, compared to its average volume of 418,014. The stock's 50-day moving average price is $13.60 and its 200 day moving average price is $14.13. Energy Recovery, Inc. has a 1 year low of $10.86 and a 1 year high of $20.27. The stock has a market cap of $755.97 million, a price-to-earnings ratio of 33.83 and a beta of 1.03.

Insiders Place Their Bets

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

Energy Recovery 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.