Artemis Investment Management LLP, a prominent investment management firm, recently disclosed a reduction in its holdings of Energy Recovery, Inc. (NASDAQ:ERII) during the second quarter. According to a 13F filing conducted with the Securities and Exchange Commission (SEC), Artemis Investment Management LLP diminished its position in the industrial products company by 28.4%.
The filing revealed that Artemis Investment Management LLP owned 25,765 shares of Energy Recovery’s stock after selling 10,227 shares during the quarter. Based on the most recent data available from the SEC, these holdings were valued at approximately $719,000.
Energy Recovery, Inc., an industry player renowned for its innovative technologies in clean energy and resource efficiency, experienced an opening stock price of $20.68 on Friday. The company has witnessed fluctuations in its stock performance over the past year, with prices ranging from a low of $17.32 to a high of $30.76.
With a market capitalization of $1.17 billion, Energy Recovery maintains a price-to-earnings (PE) ratio of 114.90 and exhibits a beta value of 1.24. The fifty-day moving average for the business stands at $26.18, while its two-hundred-day moving average is slightly lower at $25.45.
As of now, this report provides investors with valuable insights into Artemis Investment Management LLP’s recent decision to decrease its holdings in Energy Recovery, Inc., shedding light on the market dynamics surrounding this particular stock.
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Institutional Investors and Insider Selling Drive Activity in Energy Recovery (NASDAQ: ERII)
On September 30, 2023, several hedge funds engaged in buying and selling shares of Energy Recovery (NASDAQ: ERII) were reported to have made significant moves. Shelton Capital Management raised its holdings in the company by a staggering 170.6% during the first quarter, now owning approximately 270,600 shares valued at $6,237,000. Similarly, Dimensional Fund Advisors LP increased their stake in Energy Recovery by 5.5% during the fourth quarter of the previous year and currently holds 678,209 shares worth $13,897,000.
Jennison Associates LLC also witnessed growth in their stake in Energy Recovery by 7.1% during the first quarter. The firm now owns around 1,340,469 shares valued at $30,898,000. Additionally, BI Asset Management Fondsmaeglerselskab A S entered the fray with a new stake purchased for $89,000 during the same period.
Mirae Asset Global Investments Co. Ltd., on the other hand, experienced a slight increase of 3.9% in their stake during the first quarter and now possesses approximately 27,187 shares worth $627,000.
It is worth noting that institutional investors currently hold an impressive majority share of approximately 79.49% in Energy Recovery.
In other news pertaining to Energy Recovery’s internal operations and transactions involving top executives within the organization; Chief Technology Officer Farshad Ghasripoor recently sold a total of 51,131 shares on August 29th at an average price of $27.92 per share – generating proceeds totaling $1,4278 ,577.52 from this transaction alone.
Furthermore , insider William Yeung sold a substantial quantity of stock as well amounting to about to40 ,614 shares on August 28th at an average price of $27 .75 per share resulting a has notation of1,127 ,038.5 in terms of proceeds.
These transactions were filed with the Securities and Exchange Commission and made available to the public through official filings. Ghasripoor currently holds 81 ,812 shares valued at $2,284 ,191.
Overall, there has been a significant amount of insider selling within Energy Recovery totaling 123,818 shares over a ninety-day period. This selling activity amounted to approximately $3,419 ,449. Insiders maintain ownership over 4.70% of the company’s stock.
Looking at the financial status of the company, Energy Recovery reported its quarterly earnings on August 2nd, 2023. The industrial products company posted an EPS of ($0.03) for the quarter – not meeting analysts’ expectations by ($0.01). Moreover, Energy Recovery had a net margin of 9.87% along with a return on equity of 7 .11%. The company generated approximately $20 .72 million revenue during this period compared to analysts’ projections of $24 .52 million.
Several research firms have provided commentary regarding Energy Recovery in recent times. B.Riley increased their target price from $28 to $32 while Raymond James raised theirs from $31 to $32 gaining them an “outperform” rating for the stock on August 3rd
StockNews.com initiated coverage on Energy Recovery and issued a “hold” rating on August 17th.
Based on data from Bloomberg, it is apparent that two investment analysts have given ERII a hold rating whereas two others rated it as a buy. The consensus rating suggests that this stock is considered a “Moderate Buy” by these analysts with an average target price of $32.
In conclusion, September has been rife with activities surrounding institutional investors making moves in acquiring or selling shares in Energy Recovery (NASDAQ: ERH), as well as key executives partaking in substantial transactions regarding their stock holdings. The company’s financial performance, however, has not met expectations according to its recent quarterly earnings report. Market analysts remain divided in their opinions about the stock’s prospects, providing a range of ratings from hold to buy, ultimately resulting in a consensus rating of “Moderate Buy.”
