DnB Asset Management AS Sells 9,472 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Posted by Defense World Staff on Sep 20th, 2023

DnB Asset Management AS decreased its stake in Energy Recovery, Inc. (NASDAQ:ERII – Free Report) by 16.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,271 shares of the industrial products company’s stock after selling 9,472 shares during the period. DnB Asset Management AS owned about 0.09% of Energy Recovery worth $1,349,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Dark Forest Capital Management LP increased its holdings in shares of Energy Recovery by 3.7% in the 1st quarter. Dark Forest Capital Management LP now owns 11,788 shares of the industrial products company’s stock worth $272,000 after buying an additional 424 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Energy Recovery by 3.1% in the 1st quarter. Arizona State Retirement System now owns 14,602 shares of the industrial products company’s stock worth $337,000 after buying an additional 435 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Energy Recovery by 79.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,264 shares of the industrial products company’s stock worth $29,000 after buying an additional 558 shares during the last quarter. Advisor Group Holdings Inc. increased its holdings in shares of Energy Recovery by 6.9% in the 1st quarter. Advisor Group Holdings Inc. now owns 8,731 shares of the industrial products company’s stock worth $176,000 after buying an additional 561 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Energy Recovery by 3.0% in the 2nd quarter. AQR Capital Management LLC now owns 19,873 shares of the industrial products company’s stock worth $386,000 after buying an additional 580 shares during the last quarter. Institutional investors own 79.49% of the company’s stock.

Insider Buying and Selling at Energy Recovery

In other Energy Recovery news, CTO Farshad Ghasripoor sold 51,131 shares of the stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $27.92, for a total transaction of $1,427,577.52. Following the completion of the sale, the chief technology officer now owns 81,812 shares of the company’s stock, valued at approximately $2,284,191.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider William Yeung sold 40,614 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $27.75, for a total value of $1,127,038.50. Following the completion of the sale, the insider now directly owns 52,708 shares of the company’s stock, valued at approximately $1,462,647. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Farshad Ghasripoor sold 51,131 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $27.92, for a total transaction of $1,427,577.52. Following the completion of the sale, the chief technology officer now directly owns 81,812 shares of the company’s stock, valued at $2,284,191.04. The disclosure for this sale can be found here. Insiders sold 123,818 shares of company stock valued at $3,419,449 in the last quarter. Company insiders own 4.70% of the company’s stock.

Energy Recovery Stock Down 0.9 %

Shares of ERII opened at $22.70 on Wednesday. The stock has a market capitalization of $1.28 billion, a P/E ratio of 126.12 and a beta of 1.24. The firm has a fifty day simple moving average of $27.37 and a two-hundred day simple moving average of $25.58. Energy Recovery, Inc. has a twelve month low of $17.32 and a twelve month high of $30.76.

Energy Recovery (NASDAQ:ERII – Get Free Report) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $20.72 million for the quarter, compared to analysts’ expectations of $24.52 million. Energy Recovery had a net margin of 9.87% and a return on equity of 7.11%. Sell-side analysts expect that Energy Recovery, Inc. will post 0.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. B. Riley upped their price objective on shares of Energy Recovery from $28.00 to $32.00 in a research note on Tuesday, June 27th. StockNews.com assumed coverage on shares of Energy Recovery in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Raymond James upped their price objective on shares of Energy Recovery from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, August 3rd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

View Our Latest Stock Report on Energy Recovery

Energy Recovery Company Profile

(Free Report)

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells various solutions for the seawater reverse osmosis desalination and industrial wastewater treatment industries worldwide. The company operates through Water and Emerging Technologies segments. It offers a suite of products, including energy recovery devices, and high-pressure feed and recirculation pumps; hydraulic turbochargers and boosters; and spare parts, as well as repair, field, and commissioning services.