ENVA Stock Plummets 25% as Enova Abandons $369M Grasshopper Acquisition

Enova International's (ENVA) stock plummeted 25% to $169.15 on Tuesday, marking its largest one-day decline since March 2020.

The company abandoned its $369 million acquisition of Grasshopper Bancorp after withdrawing regulatory filings from the OCC and Federal Reserve.

Chief Executive Steve Cunningham cited ambiguous regulatory frameworks as a key factor in the decision to withdraw from the deal.

Citizens analyst reduced ENVA's price target to $215, while maintaining its Market Outperform recommendation.