Traders Buy High Volume of Call Options on Enviva (NYSE:EVA)

Enviva Inc. (NYSE:EVA - Get Free Report) was the target of unusually large options trading activity on Wednesday. Investors bought 12,591 call options on the stock. This represents an increase of approximately 826% compared to the typical daily volume of 1,360 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EVA. Inclusive Capital Partners L.P. increased its stake in shares of Enviva by 32.3% in the second quarter. Inclusive Capital Partners L.P. now owns 7,598,710 shares of the energy company's stock worth $82,446,000 after acquiring an additional 1,856,271 shares during the period. Vanguard Group Inc. grew its position in Enviva by 7.3% during the third quarter. Vanguard Group Inc. now owns 2,787,568 shares of the energy company's stock valued at $167,421,000 after buying an additional 189,228 shares during the period. BlackRock Inc. grew its position in Enviva by 56.6% during the second quarter. BlackRock Inc. now owns 2,592,967 shares of the energy company's stock valued at $28,134,000 after buying an additional 937,210 shares during the period. State Street Corp grew its position in Enviva by 25.7% during the first quarter. State Street Corp now owns 2,081,866 shares of the energy company's stock valued at $60,124,000 after buying an additional 425,320 shares during the period. Finally, Covalis Capital LLP grew its position in Enviva by 16.3% during the third quarter. Covalis Capital LLP now owns 1,962,576 shares of the energy company's stock valued at $14,660,000 after buying an additional 274,972 shares during the period. Hedge funds and other institutional investors own 87.21% of the company's stock.

Enviva Stock Up 51.2 %

NYSE:EVA traded up $0.38 during midday trading on Wednesday, reaching $1.12. 17,471,265 shares of the stock traded hands, compared to its average volume of 3,929,765. Enviva has a 12-month low of $0.25 and a 12-month high of $37.98. The business has a 50-day moving average of $0.57 and a two-hundred day moving average of $3.24. The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.06 and a current ratio of 1.42. The stock has a market capitalization of $83.44 million, a PE ratio of -0.18 and a beta of 0.88.

Analyst Ratings Changes

A number of research firms have recently weighed in on EVA. Raymond James downgraded shares of Enviva from a "strong-buy" rating to a "market perform" rating in a report on Thursday, November 16th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Enviva in a report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $12.40.

About Enviva

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.

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