Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 6.3% – Should You Sell?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price traded down 6.3% during trading on Friday . The company traded as low as $71.38 and last traded at $71.9650. 61,256 shares changed hands during trading, a decline of 58% from the average session volume of 146,963 shares. The stock had previously closed at $76.84.

Wall Street Analyst Weigh In

Several research firms have issued reports on ENLT. UBS Group raised their price target on shares of Enlight Renewable Energy to $65.00 and gave the stock a “buy” rating in a research note on Friday, January 16th. 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, January 7th. Weiss Ratings restated a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday, December 29th. Barclays reaffirmed an “overweight” rating on shares of Enlight Renewable Energy in a research note on Wednesday, February 18th. Finally, Mizuho set a $37.00 price target on Enlight Renewable Energy in a research note on Monday, February 23rd. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $43.50.

Enlight Renewable Energy Price Performance

The company’s 50-day moving average is $64.16 and its 200-day moving average is $45.92. The firm has a market capitalization of $8.42 billion, a price-to-earnings ratio of 69.73, a PEG ratio of 10.32 and a beta of 1.29. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.67 and a quick ratio of 0.88.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Tuesday, February 17th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.17. Enlight Renewable Energy had a net margin of 22.69% and a return on equity of 7.35%. The company had revenue of $124.19 million for the quarter, compared to the consensus estimate of $146.12 million. On average, research analysts expect that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of institutional investors have recently added to or reduced their stakes in ENLT. Advisors Asset Management Inc. increased its stake in Enlight Renewable Energy by 0.9% during the fourth quarter. Advisors Asset Management Inc. now owns 26,865 shares of the company’s stock worth $1,221,000 after acquiring an additional 251 shares during the last quarter. Mariner LLC lifted its stake in shares of Enlight Renewable Energy by 4.1% in the 3rd quarter. Mariner LLC now owns 10,070 shares of the company’s stock valued at $314,000 after purchasing an additional 396 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Enlight Renewable Energy by 1.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 45,693 shares of the company’s stock worth $1,409,000 after purchasing an additional 472 shares during the period. Jane Street Group LLC increased its position in Enlight Renewable Energy by 6.0% during 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 in the last quarter. Finally, Bank of Montreal Can increased its position 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 purchasing an additional 660 shares in the last quarter. 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.