Enlight Renewable Energy (NASDAQ:ENLT) Trading 6.8% Higher – Here’s What Happened

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares shot up 6.8% during mid-day trading on Tuesday . The stock traded as high as $93.59 and last traded at $91.2580. 234,988 shares changed hands during trading, an increase of 34% from the average daily volume of 175,860 shares. The stock had previously closed at $85.47.

Analyst Ratings Changes

ENLT has been the subject of several recent research reports. UBS Group increased their price objective on Enlight Renewable Energy from $105.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft set a $65.00 price target on Enlight Renewable Energy and gave the company a “hold” rating in a research 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 raised Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $63.17.

Enlight Renewable Energy Stock Down 0.7%

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 company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 212.23, a price-to-earnings-growth ratio of 32.81 and a beta of 1.56. The firm’s fifty day simple moving average is $90.78 and its two-hundred day simple moving average is $70.72.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. The business had revenue of $156.49 million during the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. Sell-side analysts anticipate that Enlight Renewable Energy Ltd. will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Enlight Renewable Energy news, Director Shai Yeshayahu Weil sold 73,436 shares of Enlight Renewable Energy stock in a transaction on Monday, May 25th. The stock was sold at an average price of $93.68, for a total value of $6,879,484.48. Following the sale, the director owned 396,655 shares in the company, valued at $37,158,640.40. The trade was a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Gilad Yavetz sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $91.78, for a total value of $9,178,000.00. Following the completion of the transaction, the chairman directly owned 846,436 shares in the company, valued at approximately $77,685,896.08. This trade represents a 10.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 313,597 shares of company stock valued at $29,830,515 in the last ninety days.

Institutional Trading of Enlight Renewable Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth High Governance Capital Ltda purchased a new position in Enlight Renewable Energy during the first quarter worth about $1,439,000. Wealth High Governance Asset Management Ltda. purchased a new position in shares of Enlight Renewable Energy during the 1st quarter worth approximately $1,218,000. Bank of America Corp DE raised its position in Enlight Renewable Energy by 376.4% in the first quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock valued at $32,511,000 after purchasing an additional 376,309 shares during the period. Altshuler Shaham Ltd boosted its holdings in Enlight Renewable Energy by 705.5% during the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after acquiring an additional 4,127,573 shares during the period. Finally, Amundi grew its position in Enlight Renewable Energy by 13.8% in the 1st quarter. Amundi now owns 248,834 shares of the company’s stock valued at $16,985,000 after acquiring an additional 30,126 shares in the last quarter. 38.89% of the stock is currently 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.