Alpha Wave Global LP Sells 110,413 Shares of Energy Recovery, Inc. $ERII

Key Points

• Alpha Wave Global LP reduced its stake in Energy Recovery, Inc. by 26.4%, making it the 7th largest holding in their portfolio with approximately $4.9 million worth of shares.
• Insider trading activity included sales by SVP Rodney Clemente and Director Arve Hanstveit, resulting in a combined drop of ownership by 5.07% and 4.38% respectively.
• Analysts have mixed ratings on Energy Recovery, with Wall Street Zen downgrading it to "hold" while Fearnley Fonds upgraded it to "strong-buy."

Alpha Wave Global LP lessened its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 26.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 307,621 shares of the industrial products company's stock after selling 110,413 shares during the quarter. Energy Recovery accounts for about 2.2% of Alpha Wave Global LP's holdings, making the stock its 7th biggest holding. Alpha Wave Global LP owned approximately 0.56% of Energy Recovery worth $4,888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Rhumbline Advisers boosted its stake in Energy Recovery by 7.5% during the first quarter. Rhumbline Advisers now owns 83,125 shares of the industrial products company's stock worth $1,321,000 after buying an additional 5,781 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Energy Recovery by 9.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,275 shares of the industrial products company's stock worth $563,000 after buying an additional 3,364 shares during the period. Teacher Retirement System of Texas purchased a new position in Energy Recovery during the first quarter worth about $430,000. Susquehanna Fundamental Investments LLC purchased a new position in Energy Recovery during the fourth quarter worth about $860,000. Finally, Vanguard Group Inc. boosted its stake in Energy Recovery by 7.5% during the first quarter. Vanguard Group Inc. now owns 3,494,872 shares of the industrial products company's stock worth $55,534,000 after buying an additional 242,494 shares during the period. Hedge funds and other institutional investors own 83.58% of the company's stock.

Energy Recovery Trading Down 1.4%

NASDAQ:ERII traded down $0.20 during mid-day trading on Friday, hitting $14.21. The stock had a trading volume of 210,455 shares, compared to its average volume of 418,014. The stock has a 50-day simple moving average of $13.60 and a two-hundred day simple moving average of $14.13. The company has a market capitalization of $755.94 million, a PE ratio of 33.83 and a beta of 1.03. Energy Recovery, Inc. has a twelve month low of $10.86 and a twelve month high of $20.27.

Insider Activity at Energy Recovery

In related news, Director Arve Hanstveit sold 30,000 shares of the firm's stock in a transaction that occurred on 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 trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 completion of the sale, the senior vice president directly owned 100,765 shares in the company, valued at approximately $1,407,687.05. This trade represents a 5.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,387 shares of company stock worth $710,656. 3.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ERII. B. Riley increased their target price on shares of Energy Recovery from $12.50 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Fearnley Fonds raised shares of Energy Recovery from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen cut shares of Energy Recovery from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target 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.