Truist Downgrades Enviva Inc. (EVA) to a Sell from a Buy


In a filing, Enviva Inc. revealed its Director BUMGARNER JOHN C JR acquired Company’s shares for reported $0.85 million on May 25. In the deal valued at $8.50 per share,100,000 shares were bought. As a result of this transaction, BUMGARNER JOHN C JR now holds 415,763 shares worth roughly $ 3.78 million.

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Then, BUMGARNER JOHN C JR bought 20,000 shares, generating $166,600 in total proceeds. Upon buying the shares at $8.33, the Director now owns 315,763 shares.

Before that, Alexander Ralph bought 10,870 shares. Enviva Inc. shares valued at $98,700 were divested by the Director at a price of $9.08 per share. As a result of the transaction, Alexander Ralph now holds 14,571 shares, worth roughly $0.13 million.

Truist downgraded its Enviva Inc. [EVA] rating to a Sell from a a Buy in a research note published on Friday, May 04, 2023; the price target was decreased to $10 from $40. PT values the company’s stock at a premium of 9.1 to its Friday closing price.

Price Performance Review of EVA

On Friday, Enviva Inc. [NYSE:EVA] saw its stock fall -1.20% to $9.09. On the same session, the stock had its day’s lowest price of $8.81, but rose to a high of $9.60. Over the last five days, the stock has lost -7.06%. Enviva Inc. shares have fallen nearly -82.84% since the year began. Nevertheless, the stocks have fallen -86.92% over the past one year. While a 52-week high of $74.39 was reached on 01/03/23, a 52-week low of $6.69 was recorded on 05/04/23. SMA at 50 days reached $11.63, while 200 days put it at $28.75. A total of 1.1 million shares were traded, compared to the trading of 0.93 million shares in the previous session.

Levels Of Support And Resistance For EVA Stock

The 24-hour chart illustrates a support level at 8.73, which if violated will result in even more drops to 8.38. On the upside, there is a resistance level at 9.52. A further resistance level may holdings at 9.96. The Relative Strength Index (RSI) on the 14-day chart is 31.81, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.66, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 87.83%. Stochastics %K at 22.38% indicates the stock is a holding.

How much short interest is there in Enviva Inc.?

A steep rise in short interest was recorded in Enviva Inc. stocks on Aug 14, 2023, dropping by -0.27 million shares to a total of 6.38 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 6.65 million shares. There was a decline of -4.23%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 16.88% of the overall stock float, the days-to-cover ratio (short ratio) fell to 7.32.

Enviva Inc. [EVA] – Who Are The Largest Shareholders?

In filings from Inclusive Capital Partners LP, it is revealed that the company now owns 7,604,103 shares, or roughly 11.23% of the outstanding EVA shares. In other words, the investor’s shares have risen by 5,393 from its previous 13-F filing of 7598710.0. Additionally, The Vanguard Group, Inc. increased 2.31% of its stake after which the total value it holdings stand at $42,049,272, while BlackRock Fund Advisors added 74.55% of its stake to hold $29.06 million in the firm. Over the last quarter, Covalis Capital LLP purchased 1,044,127 shares of Enviva Inc., while Parametric Portfolio Associates L bought 963,214 shares. At present, American Century Investment Manag is holding 1,530,500 shares valued at $20.62 million. Millennium Management LLC owned 1,438,378 shares of the company at the time of its most recent 13F filing, worth $19.37 million.

According to FactSet, Enviva Inc.’s share price will average $15.80 in the next year, based on opinions of analysts polled by the firm. This is up nearly 52.17 percent from its previous closing price of $9.20. Analysts expect Enviva Inc. stock to reach the higher price of $25.00, while the lowest price estimate is $10.00. However, 6 analysts have rated EVA stock as a Hold in their predictions for 2023.


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