Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 5.1% – Here’s Why

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) dropped 5.1% during trading on Wednesday . The stock traded as low as $91.16 and last traded at $92.7180. Approximately 63,152 shares were traded during trading, a decline of 62% from the average daily volume of 166,642 shares. The stock had previously closed at $97.75.

Analyst Upgrades and Downgrades

ENLT has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a report on Wednesday, May 6th. Barclays reiterated an “overweight” rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. Mizuho set a $37.00 price target on shares of Enlight Renewable Energy in a report on Monday, February 23rd. UBS Group boosted their price target on shares of Enlight Renewable Energy from $105.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Finally, Wall Street Zen upgraded shares of Enlight Renewable Energy from a “sell” rating to a “hold” rating in a report on Saturday. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.17.

Enlight Renewable Energy Stock Down 7.4%

The firm has a market cap of $10.73 billion, a PE ratio of 211.16, a P/E/G ratio of 34.44 and a beta of 1.56. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.77 and a current ratio of 0.77. The firm’s 50-day moving average price is $86.56 and its two-hundred day moving average price is $66.80.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 EPS for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. The firm had revenue of $156.49 million during the quarter. As a group, equities research analysts expect that Enlight Renewable Energy Ltd. will post 0.29 EPS for the current fiscal year.

Insider Activity at Enlight Renewable Energy

In other news, Chairman Gilad Yavetz sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $91.78, for a total transaction of $9,178,000.00. Following the transaction, the chairman directly owned 846,436 shares of the company’s stock, valued at $77,685,896.08. This represents a 10.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Shai Yeshayahu Weil sold 73,436 shares of the company’s stock in a transaction on Monday, May 25th. The stock was sold at an average price of $93.68, for a total transaction of $6,879,484.48. Following the transaction, the director directly owned 396,655 shares in the company, valued at approximately $37,158,640.40. This trade represents a 15.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 313,597 shares of company stock worth $29,830,515 in the last 90 days.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of large investors have recently added to or reduced their stakes in ENLT. Altshuler Shaham Ltd grew its stake in Enlight Renewable Energy by 705.5% in the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after acquiring an additional 4,127,573 shares during the last quarter. Y.D. More Investments Ltd grew its stake in Enlight Renewable Energy by 50.5% in the 3rd quarter. Y.D. More Investments Ltd now owns 5,584,817 shares of the company’s stock valued at $172,143,000 after acquiring an additional 1,875,084 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd grew its stake in Enlight Renewable Energy by 18.2% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock valued at $774,113,000 after acquiring an additional 1,797,936 shares during the last quarter. Vanguard Group Inc. grew its stake in Enlight Renewable Energy by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock valued at $225,058,000 after acquiring an additional 503,060 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Enlight Renewable Energy by 68.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock valued at $66,126,000 after acquiring an additional 404,304 shares during the last quarter. 38.89% of the stock is owned by institutional investors and hedge funds.

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.