EVA - Why Enviva Stock Is Up Today
2023-05-05 13:02:04 ET
A day after shares of Enviva (NYSE: EVA) lost more than half their value, investors are apparently taking a fresh look at the renewable energy company . Shares of Enviva traded up as much as 32% on Friday on hope that the company's issues will be short-lived.
Enviva is one of the world's largest producers of industrial wood pellets that can be burned in place of fossil fuels. The company has a solid business and international customers. In recent years, it has become a popular investment due to its growth potential and its dividend.
But the investment thesis was dealt a major blow Thursday when Enviva reported higher losses than a year ago and said it was eliminating its dividend to preserve cash. Investors hit the sell button, sending shares of Enviva down as much as 65% .
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Why Enviva Stock Is Up Today