Enviva (NYSE:EVA) Shares Pass Below 50-Day Moving Average of $0.46

Enviva Inc. (NYSE:EVA)’s stock price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $0.46 and traded as low as $0.40. Enviva shares last traded at $0.40, with a volume of 249,593 shares traded.

Enviva Price Performance

The business has a 50 day simple moving average of $0.46 and a 200 day simple moving average of $0.47. The company has a market capitalization of $35.48 million, a price-to-earnings ratio of -0.08 and a beta of 0.81.

Institutional Trading of Enviva

A number of institutional investors and hedge funds have recently bought and sold shares of EVA. Mubadala Investment Co PJSC acquired a new position in shares of Enviva in the fourth quarter valued at approximately $471,000. Plustick Management LLC purchased a new stake in shares of Enviva during the fourth quarter worth $299,000. Federated Hermes Inc. increased its position in shares of Enviva by 779.5% during the fourth quarter. Federated Hermes Inc. now owns 318,233 shares of the energy company’s stock worth $317,000 after acquiring an additional 282,051 shares during the period. CastleKnight Management LP acquired a new stake in shares of Enviva in the fourth quarter valued at $252,000. Finally, Deltec Asset Management LLC purchased a new position in Enviva in the first quarter valued at $88,000. 77.83% of the stock is currently owned by hedge funds and other institutional investors.

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.