Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – What’s Next?

Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped down prior to trading on Wednesday . The stock had previously closed at $15.03, but opened at $14.29. Enlight Renewable Energy shares last traded at $14.13, with a volume of 7,864 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wolfe Research lowered shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on Enlight Renewable Energy in a report on Thursday, March 6th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Enlight Renewable Energy currently has a consensus rating of “Moderate Buy” and an average price target of $20.25.

Enlight Renewable Energy Stock Performance

The company’s 50-day moving average price is $16.50 and its two-hundred day moving average price is $16.35. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 41.33 and a beta of 1.26. 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 posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. The firm had revenue of $114.21 million during the quarter, compared to analyst estimates of $289.04 million. On average, equities research analysts anticipate that Enlight Renewable Energy Ltd will post 0.41 EPS for the current fiscal year.

Institutional Trading of Enlight Renewable Energy

Hedge funds have recently modified their holdings of the stock. Y.D. More Investments Ltd grew its holdings in 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 purchasing an additional 482,129 shares during the period. Phoenix Financial Ltd. grew its stake in shares of Enlight Renewable Energy by 42.2% in the 4th quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock valued at $21,634,000 after buying an additional 372,403 shares during the period. JPMorgan Chase & Co. bought a new stake in Enlight Renewable Energy in the 3rd quarter valued at about $4,901,000. Meitav Investment House Ltd. raised its stake in Enlight Renewable Energy by 4.0% during the 4th quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after buying an additional 229,255 shares during the period. Finally, Norges Bank acquired a new position in Enlight Renewable Energy during the 4th quarter worth approximately $3,631,000. 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.