Enviva Inc– We ranked this stock +1 in June based on insider buying around $58-60 per share (see analyst note below). There was a large cluster of insider buying in mid-October when the stock dropped to the low $50’s after short-seller Blue Orca published a negative report on the company. The recent activity is below, and the analyst write-up at time of rank is included as well.
Insider activity in Enviva (EVA +1) since June 2022
(Analyst note when we upgraded the stock on June 27, 2022)
Enviva Inc – (EVA, +1, June 27th)
Thomas Meth (President, joined 2015) purchased 8,600 shares on June 23rd at $58.78, spending $505,000 and increasing his holdings to 426,255 shares. Despite a seven-year tenure at the company, this is his first reported open-market purchase. We ranked this stock +N on June 24th based on purchases of $995,000 from John Keppler (Co-founder, Chair, and CEO since 2004) and $253,000 from Shai Even (CFO since 2019), both also making their first purchases in the stock. On June 21st the company provided a business update that reaffirmed 2022 guidance as well as preliminary expectations for 2Q 2022. This cluster of buying after that announcement shows conviction.
We are upgrading the stock further, from +N to +1.
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