Enviri (NYSE:NVRI) Trading Down 5.6% on Disappointing Earnings

Enviri Co. (NYSE:NVRI) shares were down 5.6% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $7.19 and last traded at $7.23. Approximately 679,221 shares changed hands during trading, an increase of 52% from the average daily volume of 447,835 shares. The stock had previously closed at $7.66.

The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07). Enviri had a negative return on equity of 0.31% and a negative net margin of 4.27%. The firm had revenue of $573.60 million during the quarter, compared to analysts’ expectations of $613.63 million. During the same period last year, the company earned $0.05 earnings per share. The business’s revenue for the quarter was down 3.9% on a year-over-year basis.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets cut their target price on Enviri from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Friday.

Hedge Funds Weigh In On Enviri

Several institutional investors have recently bought and sold shares of the stock. Innealta Capital LLC bought a new stake in Enviri in the second quarter worth $26,000. CWM LLC raised its position in shares of Enviri by 137.6% during the 2nd quarter. CWM LLC now owns 4,130 shares of the company’s stock valued at $36,000 after buying an additional 2,392 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in shares of Enviri in the 4th quarter valued at about $65,000. DekaBank Deutsche Girozentrale purchased a new position in Enviri in the first quarter worth about $70,000. Finally, SG Americas Securities LLC bought a new stake in Enviri during the first quarter worth approximately $100,000. 93.43% of the stock is owned by hedge funds and other institutional investors.

Enviri Stock Performance

The business has a 50-day simple moving average of $10.42 and a 200-day simple moving average of $9.60. The firm has a market capitalization of $579.20 million, a PE ratio of -6.28 and a beta of 2.19. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.32 and a quick ratio of 1.00.

Enviri Company Profile

Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally. The company operates through two segments: Harsco Environmental and Clean Earth. The Harsco Environmental segment offers on-site services under long-term contracts for material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; manufactures and sells industrial abrasives, roofing granules, aluminum dross, and scrap processing systems; and meltshop and furnace services, such as under-vessel cleaning, removal of ladle slag, and general melt shop debris.