Fmr LLC Sells 91,857 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Fmr LLC lowered its position in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,373,407 shares of the industrial products company’s stock after selling 91,857 shares during the quarter. Fmr LLC owned 0.06% of Energy Recovery worth $58,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Baillie Gifford & Co. purchased a new stake in shares of Energy Recovery during the third quarter valued at approximately $15,237,000. Millennium Management LLC raised its stake in shares of Energy Recovery by 130.3% during the 2nd quarter. Millennium Management LLC now owns 356,595 shares of the industrial products company’s stock worth $4,739,000 after purchasing an additional 201,770 shares during the period. KBC Group NV boosted its holdings in shares of Energy Recovery by 14.1% in the 3rd quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock worth $21,533,000 after buying an additional 153,381 shares during the last quarter. Roubaix Capital LLC bought a new position in Energy Recovery during the second quarter valued at about $1,841,000. Finally, Exchange Traded Concepts LLC increased its holdings in Energy Recovery by 668.4% during the third quarter. Exchange Traded Concepts LLC now owns 145,022 shares of the industrial products company’s stock worth $2,522,000 after buying an additional 126,148 shares during the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ERII. Seaport Res Ptn upgraded shares of Energy Recovery to a “strong-buy” rating in a research note on Thursday. Fearnley Fonds lowered Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. Evercore ISI lowered their target price on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 19th. Scotiabank started coverage on Energy Recovery in a research note on Thursday. They set a “buy” rating and a $22.00 price target for the company. Finally, B. Riley lowered their price objective on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Two analysts have rated the stock with a hold rating, three have assigned 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 an average price target of $20.75.

Energy Recovery Price Performance

NASDAQ:ERII opened at $16.26 on Friday. Energy Recovery, Inc. has a 1 year low of $12.26 and a 1 year high of $20.27. The stock’s fifty day moving average price is $17.55 and its two-hundred day moving average price is $15.85. The company has a market cap of $941.29 million, a P/E ratio of 47.82 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The business had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $37.37 million. During the same quarter in the prior year, the firm posted $0.17 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. On average, analysts expect that Energy Recovery, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Transactions at Energy Recovery

In other Energy Recovery news, CEO David W. Moon sold 2,550 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.97, for a total value of $45,823.50. Following the sale, the chief executive officer now directly owns 87,101 shares in the company, valued at $1,565,204.97. This represents a 2.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Rodney Clemente sold 6,505 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.98, for a total transaction of $116,959.90. Following the completion of the transaction, the senior vice president now directly owns 133,823 shares of the company’s stock, valued at approximately $2,406,137.54. The trade was a 4.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,406 shares of company stock valued at $828,688. 4.10% of the stock is currently owned by corporate 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.