Skandinaviska Enskilda Banken AB publ Has $461,000 Stake in Energy Recovery, Inc. (NASDAQ:ERII)

Skandinaviska Enskilda Banken AB publ lessened its holdings in Energy Recovery, Inc. (NASDAQ:ERII) by 6.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,121 shares of the industrial products company’s stock after selling 2,142 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Energy Recovery were worth $461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Energy Recovery in the 1st quarter valued at approximately $379,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Energy Recovery during the 1st quarter valued at $443,000. Teacher Retirement System of Texas purchased a new position in shares of Energy Recovery during the 1st quarter valued at about $430,000. Clear Creek Financial Management LLC grew its position in shares of Energy Recovery by 5.9% during the 1st quarter. Clear Creek Financial Management LLC now owns 15,250 shares of the industrial products company’s stock valued at $242,000 after acquiring an additional 850 shares during the period. Finally, Juncture Wealth Strategies LLC acquired a new position in shares of Energy Recovery during the 1st quarter worth approximately $178,000. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII opened at $13.67 on Wednesday. The stock has a market capitalization of $745.02 million, a price-to-earnings ratio of 36.95 and a beta of 1.01. Energy Recovery, Inc. has a 1-year low of $10.86 and a 1-year high of $20.27. The company has a 50 day moving average price of $12.84 and a 200 day moving average price of $14.19.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.16). Energy Recovery had a return on equity of 9.96% and a net margin of 15.21%. The business had revenue of $8.07 million for the quarter, compared to analyst estimates of $21.97 million. During the same quarter last year, the company earned ($0.08) EPS. The business’s revenue for the quarter was down 33.1% compared to the same quarter last year. On average, sell-side analysts expect that Energy Recovery, Inc. will post 0.36 EPS for the current fiscal year.

Insider Activity

In other news, Director Arve Hanstveit sold 30,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $12.68, for a total transaction of $380,400.00. Following the completion of the transaction, the director directly owned 655,220 shares of the company’s stock, valued at approximately $8,308,189.60. This trade represents a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David W. Moon purchased 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were purchased at an average cost of $12.20 per share, with a total value of $51,240.00. Following the completion of the acquisition, the chief executive officer directly owned 36,950 shares in the company, valued at $450,790. The trade was a 12.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 55,387 shares of company stock valued at $710,656. 3.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on ERII. B. Riley downgraded shares of Energy Recovery from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $12.50 in a research note on Thursday, May 8th. Wall Street Zen lowered shares of Energy Recovery from a “buy” rating to a “hold” rating in a report on Thursday, May 8th. Finally, Fearnley Fonds upgraded shares of Energy Recovery from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $18.17.

About Energy Recovery

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.