Truist Financial Issues Pessimistic Forecast for Enlight Renewable Energy (NASDAQ:ENLT) Stock Price

Enlight Renewable Energy (NASDAQ:ENLT) had its target price decreased by stock analysts at Truist Financial from $106.00 to $104.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 48.72% from the company’s current price.

Several other analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings cut shares of Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 18th. UBS Group lowered their price objective 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, Barclays boosted their price objective on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Enlight Renewable Energy has a consensus rating of “Hold” and an average target price of $74.71.

Enlight Renewable Energy Price Performance

Shares of NASDAQ ENLT opened at $69.93 on Monday. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $8.29 billion, a PE ratio of 112.79, a P/E/G ratio of 53.75 and a beta of 1.65. The business has a 50-day simple moving average of $79.49 and a two-hundred day simple moving average of $83.13. Enlight Renewable Energy has a fifty-two week low of $29.65 and a fifty-two week high of $108.65.

Enlight Renewable Energy (NASDAQ:ENLT) last issued 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 3.52% and a net margin of 12.35%.The business had revenue of $165.99 million for the quarter. As a group, equities analysts expect that Enlight Renewable Energy will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Amit Paz sold 2,221 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $73.94, for a total value of $164,220.74. Following the transaction, the insider owned 277,462 shares in the company, valued at approximately $20,515,540.28. This represents a 0.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Trading of Enlight Renewable Energy

Several institutional investors and hedge funds have recently bought and sold shares of ENLT. Tidal Investments LLC boosted its holdings in shares of Enlight Renewable Energy by 9.8% in the 2nd quarter. Tidal Investments LLC now owns 27,273 shares of the company’s stock valued at $2,428,000 after acquiring an additional 2,427 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Enlight Renewable Energy during the second quarter worth $26,000. Navellier & Associates Inc. acquired a new position in Enlight Renewable Energy during the second quarter valued at $3,475,000. Public Employees Retirement System of Ohio acquired a new position in Enlight Renewable Energy during the second quarter valued at $751,000. Finally, Versant Capital Management Inc purchased a new stake in Enlight Renewable Energy in the second quarter valued at $34,000. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates utility-scale clean energy projects. Its activities focus primarily on solar photovoltaic, wind energy and energy storage systems, with projects designed to generate electricity and support the reliability and flexibility of power grids.

The company manages projects across multiple stages of the renewable energy value chain, including site development, permitting, power purchase arrangements, construction and long-term operation.