Enlight Renewable Energy (NASDAQ:ENLT) Shares Down 7.1% – Time to Sell?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s stock price was down 7.1% during trading on Wednesday . The stock traded as low as $83.48 and last traded at $84.10. Approximately 55,650 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 187,686 shares. The stock had previously closed at $90.54.

Analyst Ratings Changes

Several research firms have commented on ENLT. Deutsche Bank Aktiengesellschaft set a $65.00 target price on shares of Enlight Renewable Energy and gave the stock a “hold” rating in a research report on Thursday, April 9th. Truist Financial started coverage on Enlight Renewable Energy in a report on Monday, July 13th. They set a “buy” rating and a $106.00 price target on the stock. Wall Street Zen raised Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Barclays upped their price objective on Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their target price on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Enlight Renewable Energy presently has a consensus rating of “Hold” and a consensus price target of $75.00.

Enlight Renewable Energy Trading Down 7.8%

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 has a market cap of $9.90 billion, a P/E ratio of 193.86, a P/E/G ratio of 22.45 and a beta of 1.68. The firm has a 50 day simple moving average of $89.99 and a 200 day simple moving average of $79.30.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.The firm had revenue of $165.99 million for the quarter. On average, equities research analysts predict that Enlight Renewable Energy Ltd. will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling at Enlight Renewable Energy

In other news, Vice Chairman Yair Seroussi sold 12,036 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $102.24, for a total transaction of $1,230,560.64. Following the completion of the transaction, the insider directly owned 14,233 shares in the company, valued at $1,455,181.92. The trade was a 45.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Yitzhak Betzalel sold 2,062 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $103.64, for a total transaction of $213,705.68. Following the completion of the transaction, the director directly owned 2 shares in the company, valued at approximately $207.28. The trade was a 99.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 313,597 shares of company stock worth $29,830,515 in the last ninety days.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its holdings in shares of Enlight Renewable Energy by 256.1% during the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after acquiring an additional 881 shares in the last quarter. Versant Capital Management Inc purchased a new position in shares of Enlight Renewable Energy during the 2nd quarter worth approximately $34,000. State of Wyoming bought a new position in shares of Enlight Renewable Energy in the 1st quarter worth approximately $41,000. V Square Quantitative Management LLC purchased a new position in shares of Enlight Renewable Energy in the 4th quarter valued at approximately $56,000. Finally, Walleye Capital LLC purchased a new position in shares of Enlight Renewable Energy in the 1st quarter valued at approximately $240,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

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.