Old West Investment Management LLC Makes New Investment in Energy Recovery, Inc. $ERII

Old West Investment Management LLC acquired a new stake in Energy Recovery, Inc. (NASDAQ:ERII) in the second quarter, Holdings Channel reports. The fund acquired 76,930 shares of the industrial products company’s stock, valued at approximately $694,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Amundi raised its position in shares of Energy Recovery by 323.6% during the fourth quarter. Amundi now owns 2,851,691 shares of the industrial products company’s stock worth $38,457,000 after purchasing an additional 2,178,560 shares during the period. ArrowMark Colorado Holdings LLC acquired a new stake in Energy Recovery in the 4th quarter valued at $5,086,000. State Street Corp increased its stake in Energy Recovery by 22.6% during the 4th quarter. State Street Corp now owns 1,764,522 shares of the industrial products company’s stock valued at $23,803,000 after purchasing an additional 325,280 shares in the last quarter. Legal & General Group Plc increased its stake in Energy Recovery by 32.2% during the 3rd quarter. Legal & General Group Plc now owns 1,307,738 shares of the industrial products company’s stock valued at $20,165,000 after purchasing an additional 318,584 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in Energy Recovery by 146.0% during the second quarter. Qube Research & Technologies Ltd now owns 459,425 shares of the industrial products company’s stock worth $5,871,000 after buying an additional 272,648 shares during the last quarter. Institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Performance

Shares of Energy Recovery stock opened at $8.35 on Monday. The company has a market capitalization of $430.40 million, a P/E ratio of 29.82 and a beta of 0.91. The stock has a fifty day simple moving average of $8.60 and a 200 day simple moving average of $10.31. Energy Recovery, Inc. has a 12-month low of $7.51 and a 12-month high of $18.32.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings data on Wednesday, August 5th. The industrial products company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Energy Recovery had a net margin of 12.72% and a return on equity of 8.25%. The company had revenue of $12.00 million for the quarter, compared to the consensus estimate of $18.36 million. On average, analysts predict that Energy Recovery, Inc. will post -0.17 EPS for the current year.

Insider Activity

In other Energy Recovery news, SVP Rodney Clemente sold 5,387 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $8.56, for a total value of $46,112.72. Following the completion of the sale, the senior vice president owned 108,301 shares in the company, valued at approximately $927,056.56. This trade represents a 4.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Colin R. Sabol bought 11,180 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was acquired at an average price of $8.88 per share, for a total transaction of $99,278.40. Following the purchase, the director directly owned 55,671 shares in the company, valued at approximately $494,358.48. The trade was a 25.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ERII has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Energy Recovery from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised shares of Energy Recovery from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 5th. Freedom Capital lowered shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. B. Riley Financial dropped their price target on shares of Energy Recovery from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Finally, Seaport Research Partners reiterated a “buy” rating and set a $12.00 price target on shares of Energy Recovery in a research note on Wednesday, May 13th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Energy Recovery presently has a consensus rating of “Hold” and an average price target of $13.50.

About Energy Recovery

Energy Recovery, Inc (NASDAQ: ERII) is an energy technology company specializing in the design and manufacture of high-efficiency devices that capture and repurpose energy in fluid-handling applications. The company’s core offering, the Pressure Exchanger® (PX®) device, enables seawater reverse osmosis (SWRO) desalination plants to recover and reuse hydraulic energy that would otherwise be lost during brine discharge. By integrating PX technology into desalination processes, Energy Recovery helps operators significantly reduce the energy consumption and operating costs of producing fresh water from seawater or brackish sources.

In addition to desalination solutions, Energy Recovery has expanded its portfolio to serve the oil and gas sector through turbocharger systems that improve the energy efficiency of hydraulic fracturing operations.