Keep an eye on Enviva Inc. (EVA).
Over the last few weeks, the stock dropped from about $65 to $47.50 because of a short report. In fact, according to Barron’s, “In a report, Blue Orca alleged that Enviva’s earnings before interest, taxes, depreciation, and amortization, or Ebitda, are inflated. Blue Orca also claimed that Enviva would cut its dividend, and “is flagrantly greenwashing its wood procurement” process.”
Arguing the report was full of errors and unsupported speculation, company executives and directors bought about 45,000 shares of EVA for $2.3 million. Inclusive Capital also bought 276,446 shares for $14 million. Last trading at $54.16, EVA is oversold on RSI, MACD, and Williams’ %R. From a current price of $54.16, we’d like to see it again challenge $65, near-term.