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

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $82.58, but opened at $86.34. Enlight Renewable Energy shares last traded at $84.8750, with a volume of 67,010 shares.

Analyst Upgrades and Downgrades

ENLT has been the topic of a number of recent analyst reports. Mizuho set a $37.00 price target on Enlight Renewable Energy in a research report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft set a $65.00 price target on Enlight Renewable Energy and gave the stock a “hold” rating in a research report on Thursday, April 9th. JPMorgan Chase & Co. upped their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Friday, March 27th. Finally, Barclays reaffirmed an “overweight” rating on shares of Enlight Renewable Energy in a research report on Wednesday, February 18th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $60.17.

Enlight Renewable Energy Stock Performance

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 firm has a 50-day moving average of $79.22 and a 200-day moving average of $60.70. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 207.47, a P/E/G ratio of 24.87 and a beta of 1.51.

Enlight Renewable Energy (NASDAQ:ENLT) last released 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. As a group, sell-side analysts predict that Enlight Renewable Energy Ltd. will post 0.37 earnings per share for the current year.

Insider Transactions at Enlight Renewable Energy

In related news, Vice Chairman Yair Seroussi sold 22,505 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $90.63, for a total value of $2,039,628.15. Following the transaction, the insider directly owned 14,233 shares of the company’s stock, valued at $1,289,936.79. This represents a 61.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Nir Yehuda sold 5,796 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $92.83, for a total value of $538,042.68. Following the completion of the transaction, the chief financial officer directly owned 36,749 shares in the company, valued at approximately $3,411,409.67. The trade was a 13.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 144,460 shares of company stock worth $13,242,553 over the last 90 days.

Institutional Investors Weigh In On Enlight Renewable Energy

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its holdings in Enlight Renewable Energy by 256.1% in the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after purchasing an additional 881 shares during the last quarter. State of Wyoming purchased a new stake in Enlight Renewable Energy in the first quarter valued at $41,000. V Square Quantitative Management LLC purchased a new stake in Enlight Renewable Energy in the fourth quarter valued at $56,000. Walleye Capital LLC purchased a new stake in Enlight Renewable Energy in the first quarter valued at $240,000. Finally, Savant Capital LLC purchased a new stake in Enlight Renewable Energy in the fourth quarter valued at $241,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

Enlight Renewable Energy Company Profile

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.