Enova International Stock Falls 25% After Withdrawal of $369M Acquisition Deal
Enova International's stock plummeted by 25% on Tuesday to $169.15, marking its worst single-day drop since March 2020.
The decline came after the company withdrew regulatory applications with the Office of the Comptroller of the Currency and the Federal Reserve related to its planned acquisition of Grasshopper Bancorp, a digital-first commercial bank.
The deal, valued at $369 million, was announced in December 2025 but faced regulatory hurdles. Enova CEO Steve Cunningham cited the lack of clear standards for nonbanks seeking to become banks as a key factor in the decision.
Citizens analyst cut the price target on ENVA from $270 to $215 while maintaining a Market Outperform rating, citing the company's growth prospects and strong earnings performance. Enova reported adjusted earnings of $4.31 per share on revenue of $929 million in its second quarter of 2026, beating Wall Street estimates.