Enviva (NYSE:EVA) Trading 5.3% Higher After Insider Buying Activity

Shares of Enviva Inc. (NYSE:EVA – Get Rating) traded up 5.3% during trading on Tuesday following insider buying activity. The company traded as high as $9.13 and last traded at $9.13. 120,639 shares traded hands during trading, a decline of 89% from the average session volume of 1,113,389 shares. The stock had previously closed at $8.67.

Specifically, Director John C. Bumgarner, Jr. acquired 20,000 shares of the stock in a transaction on Friday, May 19th. The shares were purchased at an average cost of $8.33 per share, for a total transaction of $166,600.00. Following the transaction, the director now owns 315,763 shares in the company, valued at approximately $2,630,305.79. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Gerrit Livingston Jr. Lansing purchased 2,000 shares of the stock in a transaction dated Friday, March 24th. The shares were acquired at an average cost of $27.38 per share, for a total transaction of $54,760.00. Following the acquisition, the director now directly owns 8,477 shares in the company, valued at approximately $232,100.26. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John C. Bumgarner, Jr. purchased 20,000 shares of the stock in a transaction dated Friday, May 19th. The shares were bought at an average price of $8.33 per share, for a total transaction of $166,600.00. Following the completion of the acquisition, the director now owns 315,763 shares in the company, valued at $2,630,305.79. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 127,000 shares of company stock worth $1,281,610. 13.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on EVA. StockNews.com raised shares of Enviva to a “sell” rating in a research note on Thursday, January 26th. TheStreet lowered shares of Enviva from a “c-” rating to a “d+” rating in a research note on Friday, March 24th. Raymond James reduced their price objective on shares of Enviva from $65.00 to $55.00 and set a “strong-buy” rating for the company in a research note on Wednesday, April 5th. Citigroup reduced their price objective on shares of Enviva from $62.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday, April 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Enviva from $61.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Enviva presently has a consensus rating of “Hold” and an average target price of $34.60.

Enviva Stock Performance

The firm’s fifty day moving average price is $20.61 and its 200-day moving average price is $39.46. The company has a current ratio of 0.80, a quick ratio of 0.40 and a debt-to-equity ratio of 10.81. The company has a market cap of $640.05 million, a P/E ratio of -2.60 and a beta of 0.99.

Enviva (NYSE:EVA – Get Rating) last posted its quarterly earnings data on Wednesday, May 3rd. The energy company reported ($1.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($1.15). Enviva had a negative return on equity of 61.64% and a negative net margin of 21.22%. The company had revenue of $269.08 million for the quarter, compared to the consensus estimate of $312.38 million. As a group, research analysts forecast that Enviva Inc. will post -2.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Treasurer of the State of North Carolina raised its position in Enviva by 1.3% in the third quarter. Treasurer of the State of North Carolina now owns 13,116 shares of the energy company’s stock worth $788,000 after purchasing an additional 170 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Enviva by 3.6% in the third quarter. Janney Montgomery Scott LLC now owns 5,680 shares of the energy company’s stock worth $341,000 after purchasing an additional 200 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Enviva by 6.0% in the third quarter. Envestnet Asset Management Inc. now owns 3,954 shares of the energy company’s stock worth $237,000 after purchasing an additional 224 shares in the last quarter. CWM LLC raised its position in Enviva by 36.3% in the fourth quarter. CWM LLC now owns 1,175 shares of the energy company’s stock worth $62,000 after purchasing an additional 313 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Enviva in the first quarter worth about $26,000. Institutional investors own 83.41% of the company’s stock.

About Enviva

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Enviva, Inc engages in the production, process, and distribution of wood biomass to power generators. It offers wood pellets and wood chips which are used in coal-fired power generation and power plants. The company was founded on November 12, 2013 and is headquartered in Bethesda, MD.