Enlight Renewable Energy (NASDAQ:ENLT) Issues Quarterly Earnings Results

Enlight Renewable Energy (NASDAQ:ENLT) issued its earnings results on Tuesday. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.13, Zacks reports. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%.

Enlight Renewable Energy Stock Up 6.6%

NASDAQ:ENLT opened at $88.19 on Tuesday. The company has a market cap of $10.46 billion, a price-to-earnings ratio of 207.29, a price-to-earnings-growth ratio of 22.93 and a beta of 1.68. Enlight Renewable Energy has a twelve month low of $22.95 and a twelve month high of $108.65. 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 stock has a fifty day simple moving average of $90.25 and a 200-day simple moving average of $79.02.

Insider Buying and Selling

In other news, insider Ilan Goren sold 26,622 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the transaction, the insider directly owned 42,835 shares of the company’s stock, valued at approximately $4,444,559.60. This trade represents a 38.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Gilad Yavetz sold 100,000 shares of Enlight Renewable Energy stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $91.78, for a total transaction of $9,178,000.00. Following the sale, the chairman directly owned 846,436 shares of the company’s stock, valued at $77,685,896.08. This represents a 10.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 313,597 shares of company stock worth $29,830,515 over the last ninety days.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Amundi increased its stake in shares of Enlight Renewable Energy by 2.3% during the first quarter. Amundi now owns 74,681 shares of the company’s stock valued at $1,160,000 after buying an additional 1,647 shares during the period. Geode Capital Management LLC raised its holdings in shares of Enlight Renewable Energy by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 108,157 shares of the company’s stock valued at $2,458,000 after purchasing an additional 773 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Enlight Renewable Energy in the 2nd quarter worth approximately $815,000. First Trust Advisors LP boosted its stake in shares of Enlight Renewable Energy by 9.6% during the second quarter. First Trust Advisors LP now owns 70,516 shares of the company’s stock valued at $1,600,000 after purchasing an additional 6,201 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Enlight Renewable Energy by 9.7% during the second quarter. Canada Pension Plan Investment Board now owns 279,789 shares of the company’s stock valued at $6,348,000 after buying an additional 24,653 shares during the period. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ENLT. Wall Street Zen raised Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. UBS Group decreased their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Truist Financial started coverage on shares of Enlight Renewable Energy in a research report on Monday, July 13th. They issued a “buy” rating and a $106.00 price target on the stock. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on shares of Enlight Renewable Energy and gave the company a “hold” rating in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $75.00.

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.