Algert Global LLC Makes New $748,000 Investment in Energy Recovery, Inc. $ERII

Key Points

• Algert Global LLC acquired a new position in Energy Recovery, Inc. (NASDAQ:ERII), purchasing 47,050 shares worth approximately $748,000 during the first quarter of 2023.
• Insiders have sold a total of 55,387 shares of Energy Recovery stock worth $710,656 over the last ninety days, with a 4.38% decrease in ownership reported by Director Arve Hanstveit.
• The company has a current market capitalization of $783.64 million, with shares trading at $14.73 and analysts maintaining a consensus rating of "Buy" with an average target price of $18.67.

Algert Global LLC purchased a new position in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 47,050 shares of the industrial products company's stock, valued at approximately $748,000. Algert Global LLC owned about 0.09% of Energy Recovery as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its stake in Energy Recovery by 5,662.3% during the first quarter. Russell Investments Group Ltd. now owns 8,701 shares of the industrial products company's stock worth $138,000 after purchasing an additional 8,550 shares during the last quarter. American Century Companies Inc. bought a new stake in shares of Energy Recovery in the 1st quarter valued at about $162,000. Nebula Research & Development LLC lifted its stake in shares of Energy Recovery by 6.3% in the 4th quarter. Nebula Research & Development LLC now owns 11,577 shares of the industrial products company's stock valued at $170,000 after acquiring an additional 687 shares during the last quarter. Juncture Wealth Strategies LLC bought a new stake in shares of Energy Recovery in the 1st quarter valued at about $178,000. Finally, Two Sigma Investments LP bought a new stake in shares of Energy Recovery in the 4th quarter valued at about $229,000. Institutional investors own 83.58% of the company's stock.

Insider Buying and Selling

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

Energy Recovery Price Performance

ERII traded down $0.16 during midday trading on Thursday, reaching $14.41. 110,825 shares of the company's stock traded hands, compared to its average volume of 419,615. The firm has a fifty day moving average of $13.51 and a two-hundred day moving average of $14.14. The stock has a market capitalization of $766.58 million, a price-to-earnings ratio of 34.31 and a beta of 1.03. Energy Recovery, Inc. has a 52 week low of $10.86 and a 52 week high of $20.27.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ERII shares. Fearnley Fonds raised Energy Recovery from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. B. Riley boosted their target price on Energy Recovery from $12.50 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen lowered Energy Recovery from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Energy Recovery currently has a consensus rating of "Buy" and an average target price of $18.67.

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.