Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Should You Sell?

Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped down before the market opened on Thursday . The stock had previously closed at $19.96, but opened at $19.33. Enlight Renewable Energy shares last traded at $19.79, with a volume of 21,692 shares trading hands.

Analysts Set New Price Targets

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

Enlight Renewable Energy Stock Performance

The company has a market capitalization of $2.28 billion, a P/E ratio of 54.72 and a beta of 1.24. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53. The stock’s 50 day simple moving average is $17.11 and its two-hundred day simple moving average is $16.81.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ENLT. Meitav Investment House Ltd. boosted its position in Enlight Renewable Energy by 4.0% during the 4th quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after buying an additional 229,255 shares during the period. Vanguard Group Inc. increased its position in shares of Enlight Renewable Energy by 1.7% during the first quarter. Vanguard Group Inc. now owns 4,227,862 shares of the company’s stock valued at $68,107,000 after acquiring an additional 69,329 shares during the last quarter. Y.D. More Investments Ltd increased its stake in shares of Enlight Renewable Energy by 18.0% during the 1st quarter. Y.D. More Investments Ltd now owns 3,621,516 shares of the company’s stock worth $57,870,000 after purchasing an additional 553,337 shares during the last quarter. Invesco Ltd. increased its stake in shares of Enlight Renewable Energy by 2.5% in the first quarter. Invesco Ltd. now owns 1,656,086 shares of the company’s stock worth $26,762,000 after purchasing an additional 40,665 shares in the last quarter. Finally, Phoenix Financial Ltd. grew its stake in Enlight Renewable Energy by 42.2% during the fourth quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock valued at $21,634,000 after acquiring an additional 372,403 shares in the last quarter. Institutional investors and hedge funds 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.