Enlight Renewable Energy (NASDAQ:ENLT) Sees Unusually-High Trading Volume – Should You Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT) saw unusually-strong trading volume on Tuesday . Approximately 23,651 shares were traded during mid-day trading, an increase of 131% from the previous session’s volume of 10,243 shares.The stock last traded at $16.47 and had previously closed at $16.65.

Analyst Ratings Changes

Separately, Barclays raised their price objective on Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, November 15th.

Enlight Renewable Energy Stock Down 2.9 %

The stock has a market capitalization of $1.92 billion, a P/E ratio of 37.73 and a beta of 1.53. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64. The stock’s 50 day simple moving average is $16.48 and its 200 day simple moving average is $16.12.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.03 by $0.09. The business had revenue of $109.50 million for the quarter, compared to analysts’ expectations of $83.09 million. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The company’s quarterly revenue was up 87.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 earnings per share. As a group, research analysts predict that Enlight Renewable Energy Ltd will post 0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. raised its position in shares of Enlight Renewable Energy by 1,181.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after acquiring an additional 13,150 shares in the last quarter. Susquehanna International Group Ltd. bought a new stake in Enlight Renewable Energy during the second quarter valued at $253,000. Tidal Investments LLC raised its holdings in shares of Enlight Renewable Energy by 11.3% during the third quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock worth $308,000 after purchasing an additional 1,852 shares during the period. Barclays PLC lifted its position in shares of Enlight Renewable Energy by 4,278.2% in the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock worth $432,000 after buying an additional 24,942 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Enlight Renewable Energy in the 3rd quarter valued at about $655,000. Institutional investors and hedge funds own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.