Enlight Renewable Energy (NASDAQ:ENLT) Hits New 1-Year High – Should You Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) reached a new 52-week high during trading on Friday . The stock traded as high as $52.29 and last traded at $51.88, with a volume of 5517 shares changing hands. The stock had previously closed at $49.57.

Analyst Upgrades and Downgrades

ENLT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $38.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday. UBS Group started coverage on shares of Enlight Renewable Energy in a research report on Monday, November 24th. They set a “buy” rating and a $47.00 price target for the company. Mizuho raised their price objective on Enlight Renewable Energy from $24.00 to $27.00 and gave the company an “underperform” rating in a research report on Monday, November 17th. Barclays boosted their price objective on Enlight Renewable Energy from $34.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.83.

Enlight Renewable Energy Price Performance

The company has a debt-to-equity ratio of 1.91, a quick ratio of 0.88 and a current ratio of 0.88. The business’s fifty day simple moving average is $40.63 and its 200 day simple moving average is $32.39. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of 54.16 and a beta of 1.44.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its earnings results on Wednesday, November 12th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.09. Enlight Renewable Energy had a return on equity of 7.41% and a net margin of 22.60%.The company had revenue of $165.06 million during the quarter, compared to the consensus estimate of $146.04 million. Research analysts predict that Enlight Renewable Energy Ltd. will post 0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its stake in shares of Enlight Renewable Energy by 256.1% in the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock worth $28,000 after buying an additional 881 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Enlight Renewable Energy during the 2nd quarter valued at $106,000. Bank of Montreal Can grew its holdings in Enlight Renewable Energy by 6.4% during the 2nd quarter. Bank of Montreal Can now owns 11,021 shares of the company’s stock worth $251,000 after acquiring an additional 660 shares in the last quarter. Jane Street Group LLC increased its position in shares of Enlight Renewable Energy by 6.0% in the 2nd quarter. Jane Street Group LLC now owns 11,366 shares of the company’s stock worth $258,000 after purchasing an additional 641 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in shares of Enlight Renewable Energy by 8.8% in the 2nd quarter. TD Asset Management Inc now owns 13,821 shares of the company’s stock valued at $314,000 after purchasing an additional 1,114 shares in the last quarter. 38.89% of the stock is owned by institutional investors and hedge funds.

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.