Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Still a Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $73.53, but opened at $75.35. Enlight Renewable Energy shares last traded at $72.67, with a volume of 46,775 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ENLT. UBS Group dropped their price objective on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Barclays lifted their target price on Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Truist Financial began coverage on Enlight Renewable Energy in a research note on Monday, July 13th. They set a “buy” rating and a $106.00 price target on the stock. Weiss Ratings cut Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 18th. Finally, Wall Street Zen downgraded Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. 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 company’s stock. According to data from MarketBeat.com, Enlight Renewable Energy currently has a consensus rating of “Hold” and a consensus price target of $75.00.

Enlight Renewable Energy Stock Performance

The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of 111.08, a price-to-earnings-growth ratio of 57.49 and a beta of 1.65. The firm’s 50-day moving average price is $80.70 and its two-hundred day moving average price is $83.19. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.12 and a current ratio of 1.12.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $0.20 EPS for the quarter. Enlight Renewable Energy had a net margin of 12.35% and a return on equity of 3.52%. The firm had revenue of $165.99 million during the quarter. Sell-side analysts predict that Enlight Renewable Energy Ltd. will post 0.35 earnings per share for the current year.

Insider Activity at Enlight Renewable Energy

In related news, insider Amit Paz sold 4,329 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $76.57, for a total value of $331,471.53. Following the sale, the insider owned 279,683 shares of the company’s stock, valued at $21,415,327.31. The trade was a 1.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Inflows and Outflows

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

Enlight Renewable Energy Company Profile

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.