Cary Street Partners Financial LLC Makes New Investment in Energy Recovery, Inc. (NASDAQ:ERII)

Key Points

• Cary Street Partners Financial LLC has acquired a new position in Energy Recovery, Inc. (NASDAQ:ERII), purchasing 33,974 shares valued at approximately $540,000 during the first quarter.
• Energy Recovery's recent quarterly earnings report revealed a loss of ($0.13) EPS, significantly missing analysts' expectations, alongside a revenue drop of 33.1% compared to the same quarter last year.
• Insider trading activity included CEO David W. Moon purchasing 4,200 shares while Director Arve Hanstveit sold 30,000 shares, highlighting a 12.82% increase in Moon's position but a decrease in Hanstveit's ownership.

Cary Street Partners Financial LLC purchased a new position in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 33,974 shares of the industrial products company's stock, valued at approximately $540,000. Cary Street Partners Financial LLC owned about 0.06% of Energy Recovery as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of ERII. Nebula Research & Development LLC lifted its position in shares of Energy Recovery by 6.3% during the fourth quarter. Nebula Research & Development LLC now owns 11,577 shares of the industrial products company's stock worth $170,000 after purchasing an additional 687 shares during the last quarter. Juncture Wealth Strategies LLC bought a new position in Energy Recovery in the first quarter worth about $178,000. Two Sigma Investments LP bought a new position in Energy Recovery in the fourth quarter worth about $229,000. Dynamic Technology Lab Private Ltd bought a new position in Energy Recovery in the fourth quarter worth about $234,000. Finally, ProShare Advisors LLC lifted its holdings in Energy Recovery by 49.1% in the fourth quarter. ProShare Advisors LLC now owns 15,993 shares of the industrial products company's stock worth $235,000 after acquiring an additional 5,264 shares during the last quarter. Institutional investors own 83.58% of the company's stock.

Energy Recovery Stock Performance

Shares of ERII traded up $0.18 during mid-day trading on Wednesday, reaching $14.48. 162,691 shares of the company's stock traded hands, compared to its average volume of 423,647. The business's 50-day moving average price is $13.09 and its 200-day moving average price is $14.14. The stock has a market capitalization of $770.31 million, a P/E ratio of 34.48 and a beta of 1.03. Energy Recovery, Inc. has a 12 month low of $10.86 and a 12 month high of $20.27.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Fearnley Fonds raised shares of Energy Recovery from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. B. Riley raised their target price on shares of Energy Recovery from $12.50 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, Wall Street Zen cut shares of Energy Recovery from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Two 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. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $18.67.

Insider Buying and Selling

In other news, Director Arve Hanstveit sold 30,000 shares of Energy Recovery 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 sale, the director owned 655,220 shares of the company's stock, valued at approximately $8,308,189.60. The trade was a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Rodney Clemente sold 5,387 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $13.97, for a total transaction 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 represents a 5.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,387 shares of company stock worth $710,656. Corporate insiders own 3.20% of the company's stock.

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.