Why Enviva Stock Plummeted by Over 13% Today
The shorts are coming for Enviva (NYSE: EVA), and the results weren't pretty. Following the publication of a short-seller's scathing report on its business conduct and fundamentals, the wood pellet manufacturer's share price crumbled by more than 13% on Wednesday.
Blue Orca, a very active and vociferous short-seller, has set its sights on Enviva. On Wednesday, it announced that it is shorting the specialty energy sector supplier, accusing it of greenwashing, among other sins.
The short-seller wrote, "We believe that Enviva is the latest ESG farce, a product of deranged European climate subsidies which incentivize the destruction of American forests so that European power companies can check a bureaucratic box."
Source Fool.com
