Point72 Asset Management L.P. Makes New $909,000 Investment in Energy Recovery, Inc. (NASDAQ:ERII)

Point72 Asset Management L.P. purchased a new stake in Energy Recovery, Inc. (NASDAQ:ERII - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 61,851 shares of the industrial products company's stock, valued at approximately $909,000. Point72 Asset Management L.P. owned approximately 0.11% of Energy Recovery as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Nebula Research & Development LLC grew its holdings in 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 buying an additional 687 shares in the last quarter. Manchester Capital Management LLC grew its holdings in shares of Energy Recovery by 2.9% in the fourth quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company's stock valued at $429,000 after acquiring an additional 830 shares in the last quarter. DnB Asset Management AS increased its position in shares of Energy Recovery by 2.9% during the fourth quarter. DnB Asset Management AS now owns 37,395 shares of the industrial products company's stock valued at $550,000 after acquiring an additional 1,050 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Energy Recovery by 1.9% during the fourth quarter. Van ECK Associates Corp now owns 97,985 shares of the industrial products company's stock worth $1,440,000 after acquiring an additional 1,808 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in Energy Recovery by 6.0% during the fourth 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 period. Institutional investors and hedge funds own 83.58% of the company's stock.

Analyst Upgrades and Downgrades

ERII has been the subject of several research reports. Wall Street Zen lowered shares of Energy Recovery from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. B. Riley lowered shares of Energy Recovery from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $20.00 to $12.50 in a research note on Thursday, May 8th. Finally, Fearnley Fonds upgraded Energy Recovery from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Energy Recovery has a consensus rating of "Buy" and an average target price of $18.88.

Insider Buying and Selling

In other news, Director Arve Hanstveit sold 50,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $16.34, for a total transaction of $817,000.00. Following the transaction, the director now owns 693,182 shares of the company's stock, valued at approximately $11,326,593.88. This represents a 6.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David W. Moon acquired 4,200 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $51,240.00. Following the transaction, the chief executive officer now owns 36,950 shares of the company's stock, valued at $450,790. This represents a 12.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.10% of the stock is currently owned by insiders.

Energy Recovery Stock Down 1.6%

Shares of ERII traded down $0.21 during mid-day trading on Wednesday, hitting $12.42. 41,944 shares of the company's stock traded hands, compared to its average volume of 422,428. The business's 50-day moving average price is $14.50 and its 200-day moving average price is $15.13. The firm has a market capitalization of $677.04 million, a P/E ratio of 36.60 and a beta of 1.09. Energy Recovery, Inc. has a 1 year low of $10.86 and a 1 year high of $20.27.

Energy Recovery (NASDAQ:ERII - Get Free Report) last posted its earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.16). The business had revenue of $8.07 million during the quarter, compared to the consensus estimate of $21.97 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The firm's revenue for the quarter was down 33.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) EPS. Sell-side analysts anticipate that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

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.