Montanaro Asset Management Ltd Sells 205,700 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Key Points

• Montanaro Asset Management Ltd reduced its stake in Energy Recovery, Inc. by 48.7%, currently holding approximately 216,700 shares worth $3.4 million.
• Analysts have mixed ratings for Energy Recovery, with some upgrading it to a "strong-buy" and others downgrading it to a "hold." The average rating is a "Buy" with a consensus price target of $18.67.
• Energy Recovery, Inc. has shown strong market interest, with institutional investors owning 83.58% of its stock, while insider trading activity included significant sales and purchases by key executives.

Montanaro Asset Management Ltd lowered its position in Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 48.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 216,700 shares of the industrial products company's stock after selling 205,700 shares during the period. Montanaro Asset Management Ltd owned 0.40% of Energy Recovery worth $3,443,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ERII. Russell Investments Group Ltd. increased its holdings in shares of Energy Recovery by 5,662.3% in the first quarter. Russell Investments Group Ltd. now owns 8,701 shares of the industrial products company's stock valued at $138,000 after purchasing an additional 8,550 shares during the period. Nebula Research & Development LLC boosted its stake 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 valued at $170,000 after acquiring an additional 687 shares during the last quarter. Juncture Wealth Strategies LLC acquired a new stake in shares of Energy Recovery during the first quarter valued at $178,000. Two Sigma Investments LP acquired a new stake in shares of Energy Recovery during the fourth quarter valued at $229,000. Finally, ProShare Advisors LLC lifted its position in Energy Recovery by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 15,993 shares of the industrial products company's stock worth $235,000 after buying an additional 5,264 shares during the period. Hedge funds and other institutional investors own 83.58% of the company's stock.

Energy Recovery Price Performance

ERII traded down $0.31 during trading on Friday, reaching $14.18. 377,326 shares of the stock traded hands, compared to its average volume of 449,370. Energy Recovery, Inc. has a fifty-two week low of $10.86 and a fifty-two week high of $20.27. The stock's 50-day simple moving average is $13.20 and its two-hundred day simple moving average is $14.14. The stock has a market cap of $754.38 million, a price-to-earnings ratio of 33.76 and a beta of 1.03.

Analysts Set New Price Targets

ERII has been the topic of a number of research reports. Wall Street Zen downgraded Energy Recovery from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Fearnley Fonds upgraded Energy Recovery from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. Finally, B. Riley raised their price objective on Energy Recovery from $12.50 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Energy Recovery currently has an average rating of "Buy" and a consensus target price of $18.67.

Insider Activity

In related news, Director Arve Hanstveit sold 30,000 shares of the business's stock in a transaction dated 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 directly owned 655,220 shares in the company, valued at $8,308,189.60. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Rodney Clemente sold 5,387 shares of the company'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 value of $75,256.39. Following the completion of the sale, the senior vice president owned 100,765 shares in the company, valued at approximately $1,407,687.05. This represents a 5.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,387 shares of company stock valued at $710,656 in the last three months. 3.20% of the stock is owned by insiders.

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.