Enviva Inc (EVA)

Enviva Inc Stock (EVA) dropped by 77.86% from $3.84 to $0.85 in the trading on Thursday November 9, 2023. The reasons why EVA stock down today include:

• Rising losses in Q3: Q3 net loss increased to $85.2M from a net loss of $18.3M in the year-earlier quarter, and adjusted EBITDA fell to $36.6M from $60.6M a year ago, primarily due to lower revenue from commercial activities.
• CEO replacement: Glenn Nunziata, previously the CFO, has been appointed as interim CEO to lead the company through its transformation plan. Thomas Meth, who continues as President, is focused on renegotiating contracts to return to a business model centered on predictable, profitable take-or-pay contracts.
• Cut in guidance: Enviva withdrew its full-year financial guidance, citing liquidity concerns, a slowdown in commercial activity, and a lack of the usual uptick in biomass consumption in the fourth quarter of each year, which is typically driven by winter heating demand and seasonal impacts to solar and wind energy availability.

Enviva Inc. (EVA) dropped by 12.45% from $4.98 to $4.36 in the trading on Wednesday October 18, 2023. The reason why EVA stock down today is due to lower price target from the analyst. P Morgan analyst Mark Strouse maintains Enviva (EVA) with a Neutral and lowers the price target from $14 to $10, which is a headwind causing EVA stock down today

Enviva Inc. (EVA) dropped by 15.97% from $6.89 to $5.79 in the trading on Friday October 6, 2023. The reasons why stock EVA down today includes:

• Recent downgrades: Truist Financial currently had a sell rating on the stock, lowered their price target on the stock from $10.00 to $5.00. EVA also had its price target dropped by research analysts at Raymond James from $25.00 to $20.00 in a research note.
• Class lawsuit: Glancy Prongay & Murray LLP announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Enviva Inc.