Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up on Analyst Upgrade

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares gapped up prior to trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock had previously closed at $82.94, but opened at $90.03. Enlight Renewable Energy shares last traded at $88.54, with a volume of 62,910 shares traded.

A number of other brokerages have also recently weighed in on ENLT. JPMorgan Chase & Co. upped their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on Enlight Renewable Energy and gave the company a “hold” rating in a report on Thursday, April 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. Wall Street Zen cut shares of Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, UBS Group cut their price target on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $68.14.

Insider Buying and Selling

In other news, Vice Chairman Yair Seroussi sold 22,505 shares of Enlight Renewable Energy stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $90.63, for a total transaction of $2,039,628.15. Following the completion of the sale, the insider owned 14,233 shares in the company, valued at $1,289,936.79. The trade was a 61.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Shai Yeshayahu Weil sold 73,436 shares of the business’s stock in a transaction that occurred on Monday, May 25th. The stock was sold at an average price of $93.68, for a total transaction of $6,879,484.48. Following the sale, the director directly owned 396,655 shares of the company’s stock, valued at approximately $37,158,640.40. This trade represents a 15.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 313,597 shares of company stock worth $29,830,515.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd increased its holdings in Enlight Renewable Energy by 705.5% in the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after purchasing an additional 4,127,573 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Enlight Renewable Energy by 18.2% during the first 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 during the last quarter. Vanguard Group Inc. grew its position in shares of Enlight Renewable Energy by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock worth $225,058,000 after buying an additional 503,060 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Enlight Renewable Energy by 68.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock worth $66,126,000 after buying an additional 404,304 shares during the period. Finally, Norges Bank bought a new stake in shares of Enlight Renewable Energy in the 4th quarter valued at about $17,875,000. 38.89% of the stock is currently owned by institutional investors.

Enlight Renewable Energy Trading Up 0.6%

The company has a market capitalization of $10.76 billion, a P/E ratio of 211.07, a PEG ratio of 24.50 and a beta of 1.66. The business has a 50 day moving average price of $90.75 and a 200 day moving average price of $75.42. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. The business had revenue of $156.49 million for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. Analysts anticipate that Enlight Renewable Energy Ltd. will post 0.28 EPS for the current year.

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.