Cary Street Partners Financial LLC Purchases Shares of 33,974 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 stake in 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. The institutional investor purchased 33,974 shares of the industrial products company's stock, valued at approximately $540,000. Cary Street Partners Financial LLC owned approximately 0.06% of Energy Recovery as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in ERII. Nebula Research & Development LLC grew its position in Energy Recovery by 6.3% during the 4th quarter. Nebula Research & Development LLC now owns 11,577 shares of the industrial products company's stock worth $170,000 after acquiring an additional 687 shares during the last quarter. Clear Creek Financial Management LLC grew its position in Energy Recovery by 5.9% during the 1st quarter. Clear Creek Financial Management LLC now owns 15,250 shares of the industrial products company's stock worth $242,000 after acquiring an additional 850 shares during the last quarter. MetLife Investment Management LLC grew its position in Energy Recovery by 6.0% during the 4th quarter. MetLife Investment Management LLC now owns 34,130 shares of the industrial products company's stock worth $502,000 after acquiring an additional 1,924 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Energy Recovery by 6.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,744 shares of the industrial products company's stock worth $614,000 after acquiring an additional 2,350 shares during the last quarter. Finally, State of Wyoming grew its position in Energy Recovery by 13.2% during the 4th quarter. State of Wyoming now owns 23,131 shares of the industrial products company's stock worth $340,000 after acquiring an additional 2,699 shares during the last quarter. Institutional investors and hedge funds own 83.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ERII. B. Riley increased their price target on Energy Recovery from $12.50 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen lowered Energy Recovery from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, Fearnley Fonds upgraded Energy Recovery from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $18.67.

Insider Activity

In related news, SVP Rodney Clemente sold 5,387 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $13.97, for a total transaction of $75,256.39. Following the sale, the senior vice president owned 100,765 shares of the company's stock, valued at approximately $1,407,687.05. This trade represents a 5.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Pamela L. Tondreau acquired 4,200 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average cost of $12.28 per share, for a total transaction of $51,576.00. Following the purchase, the director directly owned 41,043 shares in the company, valued at $504,008.04. This trade represents a 11.40% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 55,387 shares of company stock valued at $710,656 in the last 90 days. 3.20% of the stock is owned by company insiders.

Energy Recovery Price Performance

Shares of ERII stock traded up $0.41 during trading hours on Tuesday, reaching $14.30. The company had a trading volume of 581,579 shares, compared to its average volume of 425,435. The company has a 50 day moving average of $13.05 and a 200 day moving average of $14.14. The firm has a market cap of $760.76 million, a price-to-earnings ratio of 34.05 and a beta of 1.03. Energy Recovery, Inc. has a 1-year low of $10.86 and a 1-year high of $20.27.

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.