Nokomis Capital L.L.C. boosted its stake in Energy Recovery, Inc. (NASDAQ:ERII) by 28.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,829,581 shares of the industrial products company’s stock after acquiring an additional 409,756 shares during the period. Energy Recovery accounts for approximately 3.6% of Nokomis Capital L.L.C.’s holdings, making the stock its 8th biggest holding. Nokomis Capital L.L.C. owned 3.41% of Energy Recovery worth $16,009,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in Energy Recovery in the fourth quarter valued at $101,000. Parametric Portfolio Associates LLC bought a new stake in Energy Recovery in the second quarter valued at $117,000. Aristotle Atlantic Partners LLC bought a new stake in shares of Energy Recovery during the 4th quarter valued at $131,000. GSA Capital Partners LLP bought a new stake in shares of Energy Recovery during the 3rd quarter valued at $130,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Energy Recovery during the 3rd quarter valued at $131,000. Institutional investors and hedge funds own 36.68% of the company’s stock.
Shares of Energy Recovery, Inc. (ERII) opened at $8.75 on Wednesday. Energy Recovery, Inc. has a fifty-two week low of $6.13 and a fifty-two week high of $11.30. The company has a market cap of $472.37, a price-to-earnings ratio of 25.00 and a beta of 5.34.
Energy Recovery declared that its board has initiated a stock repurchase program on Thursday, March 8th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of brokerages have recently commented on ERII. BidaskClub upgraded shares of Energy Recovery from a “strong sell” rating to a “sell” rating in a report on Tuesday. ValuEngine upgraded shares of Energy Recovery from a “sell” rating to a “hold” rating in a report on Friday, March 9th. TheStreet upgraded shares of Energy Recovery from a “c” rating to a “b-” rating in a report on Thursday, March 8th. B. Riley set a $20.00 target price on shares of Energy Recovery and gave the company a “buy” rating in a report on Friday, March 9th. Finally, Jefferies Group restated a “buy” rating and set a $14.00 target price on shares of Energy Recovery in a report on Wednesday, December 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $15.63.
In other news, Director Hans Peter Michelet sold 50,000 shares of Energy Recovery stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $8.91, for a total value of $445,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 23.60% of the stock is owned by insiders.
Energy Recovery Company 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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