Enlight Renewable Energy (NASDAQ:ENLT) Hits New 12-Month High on Better-Than-Expected Earnings

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $39.33 and last traded at $38.9690, with a volume of 25812 shares traded. The stock had previously closed at $36.51.

The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.07 by $0.09. Enlight Renewable Energy had a return on equity of 7.48% and a net margin of 23.58%. Enlight Renewable Energy has set its FY 2025 guidance at EPS.

Analysts Set New Price Targets

ENLT has been the subject of several analyst reports. Mizuho set a $24.00 price objective on Enlight Renewable Energy in a report on Friday. Roth Capital reissued a “buy” rating and set a $28.00 price target on shares of Enlight Renewable Energy in a research report on Wednesday, August 6th. Wall Street Zen downgraded shares of Enlight Renewable Energy from a “hold” rating to a “strong sell” rating in a report on Sunday, August 10th. Barclays raised their target price on shares of Enlight Renewable Energy from $26.00 to $34.00 and gave the stock an “overweight” rating in a report on Tuesday, October 14th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Enlight Renewable Energy in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Enlight Renewable Energy currently has an average rating of “Hold” and an average target price of $29.00.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of large investors have recently added to or reduced their stakes in ENLT. TD Asset Management Inc grew its position in shares of Enlight Renewable Energy by 8.9% in the third quarter. TD Asset Management Inc now owns 15,052 shares of the company’s stock valued at $464,000 after purchasing an additional 1,231 shares during the period. Citigroup Inc. boosted its holdings in Enlight Renewable Energy by 465.1% in the 3rd quarter. Citigroup Inc. now owns 110,153 shares of the company’s stock worth $3,398,000 after buying an additional 90,662 shares during the last quarter. Y.D. More Investments Ltd increased its stake in Enlight Renewable Energy by 50.5% during the 3rd quarter. Y.D. More Investments Ltd now owns 5,584,817 shares of the company’s stock worth $172,143,000 after buying an additional 1,875,084 shares in the last quarter. Vanguard Group Inc. increased its stake in Enlight Renewable Energy by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,447,614 shares of the company’s stock worth $136,800,000 after buying an additional 70,338 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of Enlight Renewable Energy by 61.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 22,745 shares of the company’s stock valued at $709,000 after acquiring an additional 8,664 shares during the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Enlight Renewable Energy Stock Performance

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 2.10. The firm has a 50-day moving average price of $32.02 and a two-hundred day moving average price of $25.78. The firm has a market cap of $4.49 billion, a PE ratio of 42.37, a P/E/G ratio of 2.65 and a beta of 1.56.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.