Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Still a Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) gapped up before the market opened on Wednesday . The stock had previously closed at $73.53, but opened at $75.35. Enlight Renewable Energy shares last traded at $72.67, with a volume of 46,775 shares changing hands.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings cut Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday. Wall Street Zen cut Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Truist Financial initiated coverage on Enlight Renewable Energy in a research note on Monday, July 13th. They set a “buy” rating and a $106.00 price objective for the company. UBS Group reduced 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 report on Tuesday, July 7th. Finally, Barclays raised their target price on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $75.00.

Enlight Renewable Energy Price Performance

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.31. The firm has a market cap of $8.61 billion, a PE ratio of 117.17, a price-to-earnings-growth ratio of 58.91 and a beta of 1.65. The stock has a 50 day simple moving average of $81.47 and a 200-day simple moving average of $83.29.

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

Insider Buying and Selling at Enlight Renewable Energy

In related 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 value of $331,471.53. Following the sale, the insider owned 279,683 shares in the company, valued at approximately $21,415,327.31. The trade was a 1.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors and hedge funds have recently modified their holdings of ENLT. Altshuler Shaham Ltd lifted its holdings in Enlight Renewable Energy by 705.5% during the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock worth $311,645,000 after buying an additional 4,127,573 shares during the period. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Enlight Renewable Energy by 18.2% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after acquiring an additional 1,797,936 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings 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 valued at $66,126,000 after acquiring an additional 404,304 shares in the last quarter. Norges Bank purchased a new position in shares of Enlight Renewable Energy in the 4th quarter valued at approximately $17,875,000. Finally, Bank of America Corp DE boosted its stake in 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 purchasing an additional 376,309 shares in the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

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.