Enlight Renewable Energy Ltd (NASDAQ:ENLT) Sees Significant Drop in Short Interest

Enlight Renewable Energy Ltd (NASDAQ:ENLT) was the recipient of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 85,200 shares, a drop of 27.0% from the April 30th total of 116,700 shares. Based on an average daily volume of 15,000 shares, the days-to-cover ratio is presently 5.7 days. Approximately 0.1% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wolfe Research downgraded Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Enlight Renewable Energy in a report on Thursday, March 6th. They set a “buy” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Enlight Renewable Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Enlight Renewable Energy Price Performance

NASDAQ:ENLT traded down $0.37 during mid-day trading on Monday, hitting $19.13. 978 shares of the stock traded hands, compared to its average volume of 16,040. Enlight Renewable Energy has a 12-month low of $14.01 and a 12-month high of $20.19. The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.21 billion, a PE ratio of 53.14 and a beta of 1.24. The business’s 50-day moving average price is $16.74 and its 200 day moving average price is $16.70.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.24. The firm had revenue of $129.87 million for the quarter, compared to analysts’ expectations of $396.61 million. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. On average, analysts expect that Enlight Renewable Energy will post 0.41 EPS for the current fiscal year.

Institutional Trading of Enlight Renewable Energy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. raised its position in Enlight Renewable Energy by 51.0% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock valued at $32,000 after purchasing an additional 625 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Enlight Renewable Energy during the 4th quarter valued at about $145,000. Jane Street Group LLC purchased a new position in shares of Enlight Renewable Energy during the 4th quarter valued at about $196,000. TD Asset Management Inc bought a new stake in Enlight Renewable Energy in the 1st quarter worth approximately $203,000. Finally, Advisors Asset Management Inc. boosted its stake in Enlight Renewable Energy by 70.7% in the first quarter. Advisors Asset Management Inc. now owns 27,565 shares of the company’s stock worth $445,000 after buying an additional 11,414 shares in the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.