Brightline Capital Management, they sold everything. All of it. About $17.77 million worth of Enviri stock, or NVRI as the ticker tape insists on calling it. Happens all the time, of course. Money goes here, then there. Like dust motes in a sunbeam. So it goes.
What Happened
A filing. That’s what happened. A little piece of paper, or more likely, a digital signal, saying Brightline didn’t want 1,400,000 shares of Enviri anymore. Reduced their holdings to zero. A clean break. Valuation went down $17.77 million. Numbers. They’re just numbers, really. Until they aren’t.
What Else To Know
- Brightline held about 7.3% of their total assets in Enviri last quarter. Now, not so much. People rearrange their furniture all the time.
- Here’s what Brightline does still like, apparently:
- NASDAQ: VSAT: $72.16 million
- NYSE: AMTM: $40.37 million
- NYSE: CSTM: $34.72 million
- NYSE: DAN: $27.23 million
- NYSE: FLR: $22.15 million
- Enviri shares were up 110.2% over the last year. A nice run. But the universe doesn’t reward consistency, just… existence. And sometimes not even that.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.24 billion |
| Net income (TTM) | ($166.56 million) |
| Market capitalization | $1.54 billion |
| Price (as of 2/12/26) | $19.04 |
Company Snapshot
Enviri deals with waste. Industrial waste, specialty waste. They move it around, process it, try to get something useful out of it. Long-term contracts. It’s honest work, I suppose. They serve the iron, steel, and metals folks. Also anyone with hazardous waste. Which, let’s face it, is most of us. They’re big. Global. Lots of moving parts. So it goes.
What This Transaction Means For Investors
Up 110% in a year. Sounds good, doesn’t it? But look closer. Revenue was flat. Flat! Like a pancake. They lost $20 million. Adjusted EBITDA down. Margins shrinking. Guidance lowered. Negative free cash flow. They expect to be in the hole. A little bit.
Brightline likes VSAT and Constellium. Cyclical. Commodity-linked. Makes sense. Enviri, with its shrinking margins and revised outlook… it didn’t fit the theme. Like a mismatched sock.
Price performance isn’t reality. It’s just a number on a screen. When things are going south, taking your profits can be a perfectly reasonable strategy. Sometimes, the smartest move is simply to walk away. And sometimes, there’s nothing left to walk away from. So it goes.
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2026-02-13 22:23