Energy Recovery, Inc. (NASDAQ:ERII) Shares Sold by Essex Investment Management Co. LLC

Key Points

• Essex Investment Management Co. LLC reduced its position in Energy Recovery, Inc. by 18.1%, selling 39,767 shares in the 1st quarter, bringing its total holdings to 179,564 shares valued at approximately $2.85 million.
• Energy Recovery reported a quarterly loss of ($0.13) EPS, which missed analysts' consensus estimate by ($0.16), alongside a significant revenue decline of 33.1% year-over-year.
• Stock analysts have mixed ratings on Energy Recovery, with some downgrading it from a "buy" to a "neutral" rating while others have a consensus target price of $18.17 indicating potential upside.

Essex Investment Management Co. LLC trimmed its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 18.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 179,564 shares of the industrial products company's stock after selling 39,767 shares during the period. Essex Investment Management Co. LLC owned 0.33% of Energy Recovery worth $2,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Energy Recovery during the 1st quarter worth about $379,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Energy Recovery in the 1st quarter valued at about $443,000. Teacher Retirement System of Texas purchased a new stake in shares of Energy Recovery in the 1st quarter valued at about $430,000. Clear Creek Financial Management LLC lifted its holdings in shares of Energy Recovery by 5.9% in the 1st quarter. Clear Creek Financial Management LLC now owns 15,250 shares of the industrial products company's stock valued at $242,000 after purchasing an additional 850 shares during the last quarter. Finally, Juncture Wealth Strategies LLC purchased a new stake in shares of Energy Recovery in the 1st quarter valued at about $178,000. 83.58% of the stock is owned by hedge funds and other institutional investors.

Energy Recovery Stock Down 4.4%

ERII traded down $0.60 on Friday, hitting $12.86. 348,323 shares of the company traded hands, compared to its average volume of 420,525. The company has a 50 day moving average of $12.88 and a 200-day moving average of $14.18. The stock has a market capitalization of $700.60 million, a PE ratio of 34.74 and a beta of 1.01. Energy Recovery, Inc. has a 12-month low of $10.86 and a 12-month high of $20.27.

Energy Recovery (NASDAQ:ERII - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The industrial products company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.16). The company had revenue of $8.07 million for the quarter, compared to analysts' expectations of $21.97 million. Energy Recovery had a net margin of 15.21% and a return on equity of 9.96%. The firm's revenue was down 33.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.08) earnings per share. On average, research analysts anticipate that Energy Recovery, Inc. will post 0.36 EPS for the current year.

Insider Buying and Selling

In other Energy Recovery news, Director Pamela L. Tondreau bought 4,200 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were bought at an average price of $12.28 per share, for a total transaction of $51,576.00. Following the transaction, the director owned 41,043 shares of the company's stock, valued at approximately $504,008.04. This trade represents a 11.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David W. Moon bought 4,200 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $51,240.00. Following the transaction, the chief executive officer directly owned 36,950 shares in the company, valued at $450,790. This trade represents a 12.82% increase in their position. The disclosure for this purchase can be found here. Insiders sold 55,387 shares of company stock valued at $710,656 in the last quarter. 3.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Fearnley Fonds raised Energy Recovery from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Wall Street Zen downgraded Energy Recovery from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. Finally, B. Riley downgraded Energy Recovery from a "buy" rating to a "neutral" rating and reduced their target price for the company from $20.00 to $12.50 in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Energy Recovery currently has an average rating of "Buy" and an average target price of $18.17.

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.