Enviri (NYSE:NVRI) Stock Jumps 8.3% Following Better-Than-Expected Earnings

Key Points

• Enviri shares rose 8.3% after quarterly results beat expectations: adjusted loss was $0.16 per share versus estimates of $0.54, while revenue of $325.03 million topped forecasts of $317.13 million.
• Despite the beat, quarterly revenue fell 43.5% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $24.50; the article also reported recent stock purchases by the CFO and a director.

Enviri Corporation (NYSE:NVRI - Get Free Report) shares traded up 8.3% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $22.92 and last traded at $22.2030. Approximately 357,849 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 982,290 shares. The stock had previously closed at $20.51.

The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.38. The business had revenue of $325.03 million during the quarter, compared to analysts' expectations of $317.13 million. The firm's quarterly revenue was down 43.5% on a year-over-year basis.

Analyst Ratings Changes

NVRI has been the topic of a number of analyst reports. BMO Capital Markets raised their target price on Enviri from $21.00 to $24.00 and gave the company a "market perform" rating in a research report on Wednesday, August 12th. Wall Street Zen cut Enviri from a "hold" rating to a "sell" rating in a report on Saturday, September 12th. Finally, Weiss Ratings downgraded Enviri from a "sell (d)" rating to a "sell (d-)" rating in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $24.50.

Insiders Place Their Bets

In other news, CFO Peter Minan acquired 2,946 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were bought at an average price of $20.27 per share, for a total transaction of $59,715.42. Following the acquisition, the chief financial officer owned 97,505 shares of the company's stock, valued at approximately $1,976,426.35. This trade represents a 3.12% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Carolann Haznedar bought 4,875 shares of the stock in a transaction on Monday, August 17th. The shares were acquired at an average cost of $20.46 per share, for a total transaction of $99,742.50. Following the purchase, the director owned 42,955 shares in the company, valued at $878,859.30. The trade was a 12.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Enviri

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Enviri during the second quarter worth about $45,735,000. Bank of America Corp DE boosted its holdings in Enviri by 333.0% in the 1st quarter. Bank of America Corp DE now owns 912,015 shares of the company's stock valued at $17,894,000 after purchasing an additional 701,365 shares during the last quarter. Paradigm Capital Management Inc. NY purchased a new stake in shares of Enviri in the 2nd quarter valued at approximately $13,320,000. OMERS ADMINISTRATION Corp grew its stake in shares of Enviri by 183.8% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 921,561 shares of the company's stock valued at $18,081,000 after buying an additional 596,861 shares during the period. Finally, Newtyn Management LLC acquired a new stake in shares of Enviri during the 2nd quarter worth approximately $8,214,000. 93.43% of the stock is currently owned by institutional investors and hedge funds.

Enviri Price Performance

The firm has a market cap of $627.51 million and a price-to-earnings ratio of -35.10. The company has a current ratio of 1.43, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56. The stock's fifty day moving average price is $20.46 and its 200-day moving average price is $20.16.

About Enviri

Enviri Corporation NYSE: NVRI is an environmental solutions company that provides services and products designed to help industrial, commercial and government customers manage waste, recover materials and improve resource efficiency. The company serves customers in multiple regions, with operations spanning North America, Europe and other international markets.

Enviri's Harsco Environmental business provides environmental services to the global steel industry. Its activities include the processing and beneficial reuse of steel slag and other byproducts, metal recovery, slag handling, site services and the production of mineral-based products used in areas such as construction and infrastructure.

Through its Clean Earth business, Enviri manages hazardous and non-hazardous waste streams for industrial, healthcare, pharmaceutical, retail and government customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.