JPMorgan Chase & Co. Has Lowered Expectations for Enlight Renewable Energy (NASDAQ:ENLT) Stock Price

Enlight Renewable Energy (NASDAQ:ENLT) had its price target dropped by JPMorgan Chase & Co. from $80.00 to $65.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 4.45% from the company’s current price.

Several other brokerages have also recently weighed in on ENLT. Truist Financial dropped their price objective on Enlight Renewable Energy from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Monday, September 28th. UBS Group lowered their target price on Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Wall Street Zen upgraded Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings lowered shares of Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Finally, Zacks Research raised shares of Enlight Renewable Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Enlight Renewable Energy presently has an average rating of “Hold” and a consensus price target of $74.86.

Enlight Renewable Energy Stock Down 2.4%

ENLT stock traded down $1.65 during trading on Monday, reaching $68.03. 143,176 shares of the stock were exchanged, compared to its average volume of 188,397. The firm has a market cap of $8.07 billion, a P/E ratio of 109.73, a price-to-earnings-growth ratio of 23.19 and a beta of 1.70. Enlight Renewable Energy has a twelve month low of $32.75 and a twelve month high of $108.65. The firm’s 50 day moving average is $74.69 and its 200 day moving average is $82.76. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.31.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. The firm had revenue of $165.99 million for the quarter. Enlight Renewable Energy had a net margin of 12.35% and a return on equity of 3.52%. As a group, research analysts forecast that Enlight Renewable Energy will post 0.39 EPS for the current year.

Insider Buying and Selling

In other news, insider Amit Paz sold 4,329 shares of Enlight Renewable Energy stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $76.57, for a total transaction of $331,471.53. Following the completion of the sale, the insider owned 279,683 shares in the company, valued at approximately $21,415,327.31. This trade represents a 1.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Nir Yehuda sold 1,276 shares of Enlight Renewable Energy stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $66.40, for a total transaction of $84,726.40. Following the sale, the chief financial officer owned 34,324 shares of the company’s stock, valued at approximately $2,279,113.60. The trade was a 3.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 10,526 shares of company stock worth $755,406 over the last ninety days.

Hedge Funds Weigh In On Enlight Renewable Energy

Several institutional investors and hedge funds have recently made changes to their positions in ENLT. Bleakley Financial Group LLC bought a new stake in shares of Enlight Renewable Energy in the 1st quarter valued at about $2,397,000. Navellier & Associates Inc. bought a new stake in Enlight Renewable Energy in the 2nd quarter worth $3,475,000. Wealth High Governance Asset Management Ltda. bought a new position in shares of Enlight Renewable Energy during the first quarter valued at about $1,218,000. Clal Insurance Enterprises Holdings Ltd increased its holdings in Enlight Renewable Energy by 18.2% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock valued at $774,113,000 after purchasing an additional 1,797,936 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Enlight Renewable Energy by 376.4% in the 1st quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock worth $32,511,000 after buying an additional 376,309 shares during the last quarter. Institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. (NASDAQ: ENLT) is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its activities include utility-scale solar photovoltaic, wind power and energy storage projects.

The company manages projects across multiple stages of the renewable energy lifecycle, from development and permitting through construction and long-term operation. Its portfolio and development activities span Israel, the United States and selected European markets.

Founded in 1988, Enlight is headquartered in Israel and is also listed on the Tel Aviv Stock Exchange.