Enviva Inc. (NYSE:EVA) Short Interest Down 7.8% in March

Enviva Inc. (NYSE:EVAGet Free Report) was the recipient of a large drop in short interest in March. As of March 15th, there was short interest totalling 8,110,000 shares, a drop of 7.8% from the February 29th total of 8,800,000 shares. Based on an average daily trading volume, of 4,100,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 21.2% of the shares of the stock are sold short.

Enviva Price Performance

Enviva stock traded down $0.01 during midday trading on Tuesday, reaching $0.43. The company had a trading volume of 1,254,536 shares, compared to its average volume of 4,185,735. The company has a market capitalization of $31.68 million, a P/E ratio of -0.09 and a beta of 0.89. Enviva has a 12-month low of $0.25 and a 12-month high of $29.46. The firm’s fifty day simple moving average is $0.46 and its 200-day simple moving average is $1.98. The company has a debt-to-equity ratio of 6.89, a current ratio of 1.42 and a quick ratio of 1.06.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Inclusive Capital Partners L.P. lifted its stake in Enviva by 32.3% in the 2nd quarter. Inclusive Capital Partners L.P. now owns 7,598,710 shares of the energy company’s stock worth $82,446,000 after purchasing an additional 1,856,271 shares in the last quarter. Vanguard Group Inc. lifted its stake in Enviva by 7.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,787,568 shares of the energy company’s stock worth $167,421,000 after purchasing an additional 189,228 shares in the last quarter. BlackRock Inc. lifted its stake in Enviva by 56.6% in the 2nd quarter. BlackRock Inc. now owns 2,592,967 shares of the energy company’s stock worth $28,134,000 after purchasing an additional 937,210 shares in the last quarter. State Street Corp lifted its stake in Enviva by 25.7% in the 1st quarter. State Street Corp now owns 2,081,866 shares of the energy company’s stock worth $60,124,000 after purchasing an additional 425,320 shares in the last quarter. Finally, Covalis Capital LLP lifted its stake in Enviva by 16.3% in the 3rd quarter. Covalis Capital LLP now owns 1,962,576 shares of the energy company’s stock worth $14,660,000 after purchasing an additional 274,972 shares in the last quarter. 77.83% of the stock is owned by hedge funds and other institutional investors.

Enviva Company Profile

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Enviva Inc produces, processes, and sells utility-grade wood pellets. The company's products are used as a substitute for coal in power generation, and combined heat and power plants. It serves power generators in the United Kingdom, European Union, and Japan. DS: The company was formerly known as Enviva Partners, LP and changed its name to Enviva Inc in December 2021.

Further Reading

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