Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Here’s What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped up before the market opened on Tuesday . The stock had previously closed at $17.51, but opened at $18.33. Enlight Renewable Energy shares last traded at $18.30, with a volume of 3,611 shares traded.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wolfe Research downgraded shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Enlight Renewable Energy in a research report on Thursday, March 6th. They issued a “buy” rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Enlight Renewable Energy Stock Up 4.9%

The firm’s fifty day simple moving average is $16.49 and its 200-day simple moving average is $16.59. The company has a market cap of $2.12 billion, a PE ratio of 51.03 and a beta of 1.24. The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its earnings results on Tuesday, May 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.24. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. The business had revenue of $129.87 million during the quarter, compared to analysts’ expectations of $396.61 million. As a group, equities research analysts expect that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds have recently made changes to their positions in ENLT. Y.D. More Investments Ltd lifted its stake in shares of Enlight Renewable Energy by 18.6% in the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock worth $53,043,000 after buying an additional 482,129 shares during the last quarter. Meitav Investment House Ltd. increased its stake in Enlight Renewable Energy by 4.0% during the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock valued at $101,910,000 after acquiring an additional 229,255 shares during the period. Vanguard Group Inc. lifted its position in shares of Enlight Renewable Energy by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 4,158,533 shares of the company’s stock worth $71,926,000 after acquiring an additional 35,555 shares during the period. Norges Bank bought a new stake in shares of Enlight Renewable Energy during the fourth quarter valued at approximately $3,631,000. Finally, Pictet Asset Management Holding SA raised its stake in shares of Enlight Renewable Energy by 19.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 125,865 shares of the company’s stock valued at $2,178,000 after purchasing an additional 20,345 shares in the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

About Enlight Renewable Energy

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.