Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Should You Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $71.04, but opened at $72.99. Enlight Renewable Energy shares last traded at $72.9560, with a volume of 40,525 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $35.00 target price on shares of Enlight Renewable Energy in a research report on Monday, December 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $38.00 price objective on shares of Enlight Renewable Energy in a research note on Wednesday, January 7th. UBS Group increased their price objective on shares of Enlight Renewable Energy to $65.00 and gave the stock a “buy” rating in a report on Friday, January 16th. Barclays restated an “overweight” rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Enlight Renewable Energy currently has a consensus rating of “Hold” and a consensus price target of $43.50.

Enlight Renewable Energy Price Performance

The company has a 50 day simple moving average of $65.84 and a 200 day simple moving average of $47.29. The company has a market capitalization of $8.64 billion, a price-to-earnings ratio of 71.47, a price-to-earnings-growth ratio of 9.90 and a beta of 1.29. The company has a quick ratio of 0.88, a current ratio of 0.67 and a debt-to-equity ratio of 2.03.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, February 17th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.17. The business had revenue of $124.19 million for the quarter, compared to analyst estimates of $146.12 million. Enlight Renewable Energy had a return on equity of 7.35% and a net margin of 22.69%. As a group, research analysts predict that Enlight Renewable Energy Ltd. will post 0.41 EPS for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. lifted its holdings in shares of Enlight Renewable Energy by 0.9% during the 4th quarter. Advisors Asset Management Inc. now owns 26,865 shares of the company’s stock valued at $1,221,000 after acquiring an additional 251 shares in the last quarter. Mariner LLC raised its position in Enlight Renewable Energy by 4.1% in the third quarter. Mariner LLC now owns 10,070 shares of the company’s stock valued at $314,000 after purchasing an additional 396 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Enlight Renewable Energy by 1.0% during the third quarter. Public Employees Retirement System of Ohio now owns 45,693 shares of the company’s stock worth $1,409,000 after purchasing an additional 472 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Enlight Renewable Energy by 6.0% in the second quarter. Jane Street Group LLC now owns 11,366 shares of the company’s stock worth $258,000 after buying an additional 641 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Enlight Renewable Energy by 0.7% in the second quarter. Geode Capital Management LLC now owns 108,157 shares of the company’s stock worth $2,458,000 after buying an additional 773 shares during the period. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.