Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – What’s Next?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares gapped down prior to trading on Thursday. The stock had previously closed at $72.51, but opened at $68.70. Enlight Renewable Energy shares last traded at $69.0690, with a volume of 52,910 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ENLT. Barclays lifted their price objective on Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. UBS Group dropped their target price on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Truist Financial began coverage on shares of Enlight Renewable Energy in a report on Monday, July 13th. They issued a “buy” rating and a $106.00 price target on the stock. Wall Street Zen cut shares of Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings downgraded shares of Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $75.00.

Enlight Renewable Energy Trading Up 0.9%

The firm has a market capitalization of $8.24 billion, a PE ratio of 112.05, a P/E/G ratio of 53.84 and a beta of 1.65. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a fifty day moving average of $80.28 and a 200 day moving average of $83.10.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%.The firm had revenue of $165.99 million during the quarter. Equities research analysts expect that Enlight Renewable Energy Ltd. will post 0.35 EPS for the current year.

Insider Activity at Enlight Renewable Energy

In other news, insider Amit Paz sold 4,329 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $76.57, for a total transaction of $331,471.53. Following the transaction, the insider directly owned 279,683 shares of the company’s stock, valued at approximately $21,415,327.31. The trade was a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Investors Weigh In On Enlight Renewable Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd lifted its holdings in Enlight Renewable Energy by 18.2% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after buying an additional 1,797,936 shares in the last quarter. Altshuler Shaham Ltd grew its stake in shares of Enlight Renewable Energy by 705.5% during the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after acquiring an additional 4,127,573 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Enlight Renewable Energy by 68.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock worth $66,126,000 after acquiring an additional 404,304 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Enlight Renewable Energy by 121.2% during the first quarter. Assenagon Asset Management S.A. now owns 505,792 shares of the company’s stock worth $33,527,000 after acquiring an additional 277,179 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Enlight Renewable Energy by 376.4% in the first quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock worth $32,511,000 after acquiring an additional 376,309 shares in the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates utility-scale clean energy projects. Its activities focus primarily on solar photovoltaic, wind energy and energy storage systems, with projects designed to generate electricity and support the reliability and flexibility of power grids.

The company manages projects across multiple stages of the renewable energy value chain, including site development, permitting, power purchase arrangements, construction and long-term operation.