Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 8% Following Insider Selling

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares were down 8% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $95.68 and last traded at $96.23. Approximately 162,721 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 164,348 shares. The stock had previously closed at $104.56.

Specifically, VP Israeli Ayelet Cohen sold 10,123 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $108.50, for a total transaction of $1,098,345.50. Following the completion of the sale, the vice president directly owned 20,974 shares of the company’s stock, valued at $2,275,679. This represents a 32.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Lisa Haimovitz sold 746 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $103.88, for a total value of $77,494.48. Following the sale, the vice president directly owned 13,026 shares of the company’s stock, valued at approximately $1,353,140.88. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In other Enlight Renewable Energy news, Director Alla Felder sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $102.48, for a total transaction of $256,200.00. Following the completion of the sale, the director directly owned 2,612 shares of the company’s stock, valued at $267,677.76. This represents a 48.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several analysts have commented on ENLT shares. JPMorgan Chase & Co. upped their price objective on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft set a $65.00 price target on Enlight Renewable Energy and gave the stock a “hold” rating in a report on Thursday, April 9th. Weiss Ratings restated a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. Barclays reaffirmed an “overweight” rating on shares of Enlight Renewable Energy in a research note on Wednesday, February 18th. Finally, UBS Group upped their target price on Enlight Renewable Energy from $105.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Enlight Renewable Energy currently has a consensus rating of “Hold” and a consensus target price of $63.17.

Enlight Renewable Energy Trading Down 7.7%

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68. The business has a 50 day moving average of $83.54 and a 200-day moving average of $64.32. The stock has a market cap of $11.44 billion, a PE ratio of 224.38, a price-to-earnings-growth ratio of 38.12 and a beta of 1.56.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share (EPS) for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.The firm had revenue of $156.49 million for the quarter. On average, analysts anticipate that Enlight Renewable Energy Ltd. will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ENLT. BNP Paribas Financial Markets lifted its stake in shares of Enlight Renewable Energy by 256.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock worth $28,000 after purchasing an additional 881 shares during the period. State of Wyoming purchased a new position in shares of Enlight Renewable Energy during the 1st quarter worth $41,000. V Square Quantitative Management LLC purchased a new position in shares of Enlight Renewable Energy during the 4th quarter worth $56,000. Walleye Capital LLC acquired a new position in shares of Enlight Renewable Energy during the 1st quarter valued at about $240,000. Finally, Savant Capital LLC purchased a new position in shares of Enlight Renewable Energy during the 4th quarter worth about $241,000. 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.