Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Down 10.3% – What’s Next?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price fell 10.3% during trading on Thursday . The company traded as low as $85.00 and last traded at $83.9610. 76,078 shares changed hands during trading, a decline of 48% from the average session volume of 147,365 shares. The stock had previously closed at $93.60.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ENLT. Deutsche Bank Aktiengesellschaft set a $65.00 price target on Enlight Renewable Energy and gave the company a “hold” rating in a research note on Thursday, April 9th. UBS Group increased their price target on Enlight Renewable Energy from $93.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. JPMorgan Chase & Co. increased their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a report on Wednesday. Finally, Mizuho set a $37.00 price target on Enlight Renewable Energy in a report on Monday, February 23rd. Three 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.17.

Enlight Renewable Energy Stock Performance

The company has a debt-to-equity ratio of 1.68, a current ratio of 0.77 and a quick ratio of 0.67. The firm has a fifty day moving average price of $76.36 and a two-hundred day moving average price of $57.22. The stock has a market capitalization of $10.73 billion, a PE ratio of 210.49, a P/E/G ratio of 21.36 and a beta of 1.51.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 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 $156.49 million for the quarter. Research analysts expect that Enlight Renewable Energy Ltd. will post 0.42 EPS for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENLT. Y.D. More Investments Ltd raised its stake in Enlight Renewable Energy by 50.5% in the 3rd quarter. Y.D. More Investments Ltd now owns 5,584,817 shares of the company’s stock worth $172,143,000 after acquiring an additional 1,875,084 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd raised its stake in shares of Enlight Renewable Energy by 19.9% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 9,890,141 shares of the company’s stock valued at $448,589,000 after buying an additional 1,643,110 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Enlight Renewable Energy by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock valued at $225,058,000 after buying an additional 503,060 shares during the last quarter. Norges Bank purchased a new position in shares of Enlight Renewable Energy during the 4th quarter valued at about $17,875,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Enlight Renewable Energy by 121.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 505,792 shares of the company’s stock valued at $33,527,000 after buying an additional 277,179 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

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.