Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Here’s What Happened

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price gapped up before the market opened on Tuesday . 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.

Wall Street Analysts Forecast Growth

ENLT has been the topic of a number of research reports. UBS Group cut their target price on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Truist Financial assumed coverage on shares of Enlight Renewable Energy in a research note on Monday. They set a “buy” rating and a $106.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on shares of Enlight Renewable Energy and gave the company a “hold” rating in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. upped their target price on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a report on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $68.14.

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 stock has a market cap of $10.58 billion, a PE ratio of 207.43, a P/E/G ratio of 22.32 and a beta of 1.66. The business’s 50-day moving average price is $90.82 and its 200-day moving average price is $74.79.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Tuesday, March 31st. The company reported $0.16 EPS for the quarter. The company 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%. As a group, equities research analysts expect that Enlight Renewable Energy Ltd. will post 0.28 earnings per share for the current fiscal year.

Insider Transactions at Enlight Renewable Energy

In related news, VP Israeli Ayelet Cohen sold 10,123 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $108.50, for a total transaction of $1,098,345.50. Following the transaction, the vice president directly owned 20,974 shares of the company’s stock, valued at $2,275,679. This represents a 32.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michal Tzuk sold 2,400 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $105.86, for a total value of $254,064.00. Following the completion of the sale, the director owned 2,712 shares of the company’s stock, valued at approximately $287,092.32. This trade represents a 46.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 313,597 shares of company stock worth $29,830,515.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of large investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased its holdings in shares of Enlight Renewable Energy by 256.1% during the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after acquiring an additional 881 shares in the last quarter. Versant Capital Management Inc acquired a new stake in Enlight Renewable Energy in the 2nd quarter worth approximately $34,000. State of Wyoming acquired a new stake in Enlight Renewable Energy in the 1st quarter worth approximately $41,000. V Square Quantitative Management LLC purchased a new stake in Enlight Renewable Energy during the 4th quarter worth approximately $56,000. Finally, Walleye Capital LLC purchased a new stake in Enlight Renewable Energy during the 1st quarter worth approximately $240,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

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.