Alpha Wave Global LP Raises Position in Energy Recovery, Inc. $ERII

Alpha Wave Global LP raised its position in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 132.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 714,321 shares of the industrial products company’s stock after acquiring an additional 406,700 shares during the quarter. Energy Recovery makes up approximately 1.0% of Alpha Wave Global LP’s holdings, making the stock its 11th largest position. Alpha Wave Global LP owned 1.34% of Energy Recovery worth $9,129,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Energy Recovery by 2.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 69,968 shares of the industrial products company’s stock valued at $894,000 after purchasing an additional 1,458 shares in the last quarter. Redmond Asset Management LLC lifted its position in Energy Recovery by 0.8% during the first quarter. Redmond Asset Management LLC now owns 238,541 shares of the industrial products company’s stock valued at $3,790,000 after buying an additional 1,881 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Energy Recovery by 2.0% during the 2nd quarter. Nordea Investment Management AB now owns 133,592 shares of the industrial products company’s stock valued at $1,721,000 after buying an additional 2,558 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Energy Recovery by 11.0% during the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 26,461 shares of the industrial products company’s stock valued at $338,000 after buying an additional 2,623 shares in the last quarter. Finally, Magnetar Financial LLC grew its position in shares of Energy Recovery by 19.2% in the 2nd quarter. Magnetar Financial LLC now owns 16,762 shares of the industrial products company’s stock worth $214,000 after buying an additional 2,699 shares during the period. Institutional investors own 83.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ERII. CJS Securities began coverage on shares of Energy Recovery in a research report on Tuesday, September 16th. They set a “market outperform” rating and a $19.00 price target for the company. B. Riley reiterated a “neutral” rating on shares of Energy Recovery in a report on Thursday, November 6th. Weiss Ratings restated a “hold (c)” rating on shares of Energy Recovery in a research note on Tuesday, October 14th. Finally, Loop Capital set a $18.20 price objective on Energy Recovery in a research note on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Energy Recovery presently has an average rating of “Moderate Buy” and an average target price of $17.07.

Energy Recovery Price Performance

Shares of NASDAQ:ERII opened at $14.68 on Friday. Energy Recovery, Inc. has a 1 year low of $10.86 and a 1 year high of $18.32. The company has a market cap of $777.60 million, a P/E ratio of 43.18 and a beta of 1.13. The stock’s fifty day moving average price is $15.52 and its 200-day moving average price is $14.21.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings data on Wednesday, November 5th. The industrial products company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.09 by $0.03. The company had revenue of $32.00 million during the quarter, compared to the consensus estimate of $29.94 million. Energy Recovery had a return on equity of 10.09% and a net margin of 14.44%. On average, sell-side analysts anticipate that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

Insider Buying and Selling at Energy Recovery

In related news, insider William Yeung sold 33,554 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $14.51, for a total transaction of $486,868.54. Following the transaction, the insider owned 97,369 shares in the company, valued at $1,412,824.19. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 72,333 shares of company stock worth $1,122,195 over the last three months. 3.20% of the stock is owned by insiders.

Energy Recovery 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.