Enlight Renewable Energy (NASDAQ:ENLT) Trading Up 3.9% – Time to Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shot up 3.9% on Friday . The stock traded as high as $16.23 and last traded at $16.93. 6,764 shares traded hands during trading, a decline of 60% from the average session volume of 17,062 shares. The stock had previously closed at $16.29.

Analyst Upgrades and Downgrades

ENLT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on Enlight Renewable Energy in a report on Thursday, March 6th. They issued a “buy” rating and a $22.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, Wolfe Research lowered Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 20th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Enlight Renewable Energy presently has an average rating of “Moderate Buy” and an average target price of $20.25.

Enlight Renewable Energy Stock Up 0.7 %

The firm has a 50 day moving average price of $16.81 and a 200-day moving average price of $16.39. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 45.56 and a beta of 1.38. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53.

Enlight Renewable Energy (NASDAQ:ENLT) last released its earnings results on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.17. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. The company had revenue of $114.21 million for the quarter, compared to the consensus estimate of $289.04 million. As a group, equities analysts predict that Enlight Renewable Energy Ltd will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its holdings in Enlight Renewable Energy by 1,181.5% during the third quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after buying an additional 13,150 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Enlight Renewable Energy by 4.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock valued at $147,885,000 after acquiring an additional 353,750 shares during the period. Public Employees Retirement System of Ohio bought a new position in Enlight Renewable Energy during the 3rd quarter worth approximately $655,000. Barclays PLC grew its holdings in Enlight Renewable Energy by 4,278.2% during the third quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after purchasing an additional 24,942 shares during the period. Finally, Geode Capital Management LLC increased its stake in Enlight Renewable Energy by 0.9% in the third quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock valued at $1,751,000 after purchasing an additional 907 shares in the last quarter. Institutional investors own 38.89% of the company’s stock.

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.