Truist Financial Issues Pessimistic Forecast for Enlight Renewable Energy (NASDAQ:ENLT) Stock Price

Enlight Renewable Energy (NASDAQ:ENLT) had its target price cut by equities research analysts at Truist Financial from $104.00 to $102.00 in a report released on Friday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s target price points to a potential upside of 54.38% from the company’s previous close.

Several other brokerages have also weighed in on ENLT. Weiss Ratings lowered Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 18th. Barclays boosted their target price on Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. JPMorgan Chase & Co. cut their target price on Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating for the company in a research note on Monday, October 19th. Zacks Research lowered Enlight Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 6th. Finally, Wall Street Zen cut Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research note on Sunday, October 25th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Enlight Renewable Energy presently has an average rating of “Hold” and a consensus target price of $79.50.

Enlight Renewable Energy Stock Performance

Shares of NASDAQ:ENLT traded down $1.20 during midday trading on Friday, reaching $66.07. The company’s stock had a trading volume of 69,925 shares, compared to its average volume of 202,279. The stock has a fifty day moving average of $69.85 and a 200 day moving average of $78.26. The firm has a market capitalization of $7.83 billion, a PE ratio of 100.11, a P/E/G ratio of 15.20 and a beta of 1.72. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.25. Enlight Renewable Energy has a twelve month low of $34.55 and a twelve month high of $108.65.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $186.71 million during the quarter, compared to analyst estimates of $581.13 million. Enlight Renewable Energy had a return on equity of 3.59% and a net margin of 12.25%. On average, equities analysts expect that Enlight Renewable Energy will post 0.49 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Amit Paz sold 2,221 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $73.94, for a total transaction of $164,220.74. Following the completion of the sale, the insider owned 277,462 shares in the company, valued at $20,515,540.28. This represents a 0.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nir Yehuda sold 1,276 shares of Enlight Renewable Energy stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $66.40, for a total transaction of $84,726.40. Following the completion of the transaction, the chief financial officer owned 34,324 shares in the company, valued at approximately $2,279,113.60. This represents a 3.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 10,526 shares of company stock worth $755,406 in the last 90 days.

Hedge Funds Weigh In On Enlight Renewable Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC raised its stake in Enlight Renewable Energy by 1.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 39,768 shares of the company’s stock valued at $2,760,000 after acquiring an additional 402 shares during the last quarter. Cvfg LLC purchased a new position in shares of Enlight Renewable Energy in the 3rd quarter valued at approximately $2,342,000. First Trust Advisors LP grew its stake in shares of Enlight Renewable Energy by 51.0% in the 3rd quarter. First Trust Advisors LP now owns 400,386 shares of the company’s stock valued at $27,756,000 after purchasing an additional 135,248 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Enlight Renewable Energy by 2.9% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,488,040 shares of the company’s stock valued at $796,911,000 after purchasing an additional 326,995 shares during the last quarter. Finally, Advisors Asset Management Inc. acquired a new position in shares of Enlight Renewable Energy in the third quarter valued at approximately $1,981,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its portfolio includes solar and wind power facilities, as well as energy storage projects designed to support the integration of renewable electricity into power grids. Founded in Israel in 2008, the company has expanded beyond its home market to develop projects in the United States and Europe. Its activities span multiple stages of a project’s life cycle, from identifying sites and securing permits to construction and ongoing operations.