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

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) gapped down prior to trading on Thursday. The stock had previously closed at $69.41, but opened at $64.81. Enlight Renewable Energy shares last traded at $64.7250, with a volume of 42,532 shares.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. UBS Group decreased 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 research note on Tuesday, July 7th. Weiss Ratings lowered Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Wall Street Zen lowered Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Barclays lifted their price objective on Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, Truist Financial decreased their price objective on Enlight Renewable Energy from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Monday. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $74.71.

Enlight Renewable Energy Price Performance

The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.31. The stock has a market cap of $7.76 billion, a price-to-earnings ratio of 105.53, a price-to-earnings-growth ratio of 54.67 and a beta of 1.65. The stock’s 50 day moving average price is $79.04 and its two-hundred day moving average price is $83.13.

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

Insider Buying and Selling at Enlight Renewable Energy

In related news, insider Amit Paz sold 4,329 shares of Enlight Renewable Energy stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $76.57, for a total value of $331,471.53. Following the sale, the insider directly owned 279,683 shares in the company, valued at approximately $21,415,327.31. The trade was a 1.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Hedge Funds Weigh In On Enlight Renewable Energy

Several hedge funds and other institutional investors have recently modified their holdings of ENLT. Tidal Investments LLC grew its holdings in shares of Enlight Renewable Energy by 9.8% in the second quarter. Tidal Investments LLC now owns 27,273 shares of the company’s stock valued at $2,428,000 after purchasing an additional 2,427 shares during the period. Orion Capital Management LLC purchased a new position in Enlight Renewable Energy in the second quarter worth approximately $26,000. Navellier & Associates Inc. acquired a new position in Enlight Renewable Energy in the second quarter valued at about $3,475,000. Public Employees Retirement System of Ohio acquired a new stake in Enlight Renewable Energy in the 2nd quarter valued at approximately $751,000. Finally, Versant Capital Management Inc acquired a new position in Enlight Renewable Energy during the 2nd quarter worth about $34,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

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 portfolio includes solar photovoltaic, wind energy and energy storage facilities, with activities spanning project development through long-term asset ownership and operations.

The company serves electricity markets in Israel, the United States and several European countries. Its business is focused on expanding renewable generation and storage capacity, often through projects that combine intermittent renewable resources with storage technology to support grid reliability and power delivery.

Enlight was established in Israel and has developed into an international renewable energy platform.