Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up Following Analyst Upgrade

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares gapped up prior to trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock had previously closed at $82.94, but opened at $90.03. Enlight Renewable Energy shares last traded at $88.54, with a volume of 62,910 shares trading hands.

Several other research firms have also recently commented on ENLT. JPMorgan Chase & Co. upped their target price on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Enlight Renewable Energy from a “hold” rating to a “sell” rating in a report on Sunday. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on shares of Enlight Renewable Energy and gave the company a “hold” rating in a research report on Thursday, April 9th. UBS Group reduced their target price on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Enlight Renewable Energy currently has an average rating of “Hold” and an average price target of $68.14.

Insider Buying and Selling

In related news, SVP Meron Carr sold 3,329 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $103.44, for a total value of $344,351.76. Following the sale, the senior vice president owned 42,465 shares of the company’s stock, valued at $4,392,579.60. The trade was a 7.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Israeli Ayelet Cohen sold 10,123 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $108.50, for a total value of $1,098,345.50. Following the completion of the sale, the vice president directly owned 20,974 shares in the company, valued at approximately $2,275,679. This represents a 32.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 313,597 shares of company stock worth $29,830,515.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its holdings in shares of Enlight Renewable Energy by 256.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock worth $28,000 after purchasing an additional 881 shares during the last quarter. Versant Capital Management Inc bought a new position in Enlight Renewable Energy during the 2nd quarter valued at about $34,000. State of Wyoming bought a new position in Enlight Renewable Energy during the 1st quarter valued at about $41,000. V Square Quantitative Management LLC acquired a new position in Enlight Renewable Energy in the fourth quarter valued at about $56,000. Finally, Walleye Capital LLC acquired a new position in Enlight Renewable Energy in the first quarter valued at about $240,000. 38.89% of the stock is owned by institutional investors.

Enlight Renewable Energy Price Performance

The company has a debt-to-equity ratio of 1.68, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $10.76 billion, a P/E ratio of 211.07, a PEG ratio of 24.50 and a beta of 1.66. The company’s 50 day simple moving average is $90.75 and its two-hundred day simple moving average is $75.42.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. The company had revenue of $156.49 million during the quarter. As a group, equities analysts expect that Enlight Renewable Energy Ltd. will post 0.28 EPS for the current fiscal year.

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.