Enova Plunges 25% After Scrapping Grasshopper Bank Acquisition
ENVA sits 65% above its 52-week low of $103.02 on elevated volume (1.9× avg).
Summary
Enova shares are down 25% to $169.15, the worst daily drop since March 2020, after the company withdrew its OCC and Federal Reserve applications to acquire Grasshopper Bancorp. The deal, announced in December 2025, was valued at $369 million. CEO Steve Cunningham cited unclear regulatory standards for nonbanks seeking bank charters. This follows yesterday's announcement and the company's pivot to accelerated share repurchases. The market is clearly punishing the loss of the bank acquisition strategy, which was a key growth pillar.
At the time of this announcement, ENVA was trading at $170.21 on NYSE in the Finance sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $103.02 to $267.45. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.