683 Capital Management LLC increased its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 115.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 700,100 shares of the industrial products company’s stock after purchasing an additional 374,900 shares during the period. 683 Capital Management LLC owned 1.31% of Energy Recovery worth $5,531,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parametric Portfolio Associates LLC bought a new position in shares of Energy Recovery during the second quarter valued at approximately $117,000. Perigon Wealth Management LLC boosted its stake in shares of Energy Recovery by 149.7% during the second quarter. Perigon Wealth Management LLC now owns 15,179 shares of the industrial products company’s stock valued at $126,000 after purchasing an additional 9,099 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Energy Recovery during the third quarter valued at approximately $130,000. Boothbay Fund Management LLC bought a new position in shares of Energy Recovery during the third quarter valued at approximately $131,000. Finally, PEAK6 Investments L.P. bought a new position in shares of Energy Recovery during the third quarter valued at approximately $150,000. Hedge funds and other institutional investors own 33.58% of the company’s stock.
A number of research firms have recently issued reports on ERII. B. Riley set a $20.00 price objective on shares of Energy Recovery and gave the company a “buy” rating in a research note on Thursday, November 30th. Seaport Global Securities began coverage on shares of Energy Recovery in a research note on Tuesday, October 17th. They set a “buy” rating and a $17.00 price objective on the stock. FBR & Co restated a “buy” rating on shares of Energy Recovery in a research note on Wednesday, October 11th. Capital One Financial began coverage on shares of Energy Recovery in a research note on Thursday, September 7th. They issued an “overweight” rating and a $16.00 target price for the company. Finally, JMP Securities began coverage on shares of Energy Recovery in a research note on Tuesday, September 5th. They issued an “outperform” rating and a $12.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $17.00.
In other Energy Recovery news, VP Andrew B. Stroud, Jr. sold 7,117 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $11.00, for a total value of $78,287.00. Following the completion of the sale, the vice president now directly owns 32,398 shares in the company, valued at $356,378. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 23.60% of the stock is owned by company insiders.
Shares of Energy Recovery, Inc. (ERII) opened at $10.38 on Friday. The firm has a market cap of $566.50, a P/E ratio of 151.00, a price-to-earnings-growth ratio of 2.14 and a beta of 5.73. Energy Recovery, Inc. has a one year low of $6.13 and a one year high of $12.25.
Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, November 1st. The industrial products company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.31). The firm had revenue of $15.08 million during the quarter, compared to analyst estimates of $14.64 million. Energy Recovery had a net margin of 7.78% and a return on equity of 5.75%. Energy Recovery’s revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.01) earnings per share. research analysts forecast that Energy Recovery, Inc. will post 0.33 EPS for the current fiscal year.
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Energy Recovery Profile
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. Its segments include Water, Oil & Gas, and Corporate. The Water Segment focuses on products sold for use in reverse osmosis water desalination.
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