Enlight Renewable Energy (NASDAQ:ENLT) Shares Break Above 50 Day Moving Average – What’s Next?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s stock price passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $72.84 and traded as high as $73.47. Enlight Renewable Energy shares last traded at $73.30, with a volume of 192,104 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ENLT. Truist Financial lowered their price target on shares of Enlight Renewable Energy from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Monday, September 28th. Mizuho reduced their price objective on shares of Enlight Renewable Energy from $45.00 to $41.00 and set an “underperform” rating for the company in a research note on Tuesday, October 13th. Zacks Research raised shares of Enlight Renewable Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. Barclays upped their target price on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating for the company in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $74.86.

Enlight Renewable Energy Trading Up 5.7%

The stock has a 50-day simple moving average of $72.84 and a 200 day simple moving average of $77.33.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. The firm had revenue of $165.99 million during the quarter. As a group, equities analysts predict that Enlight Renewable Energy Ltd. will post 0.39 EPS for the current year.

Insider Activity at Enlight Renewable Energy

In other Enlight Renewable Energy news, insider Amit Paz sold 2,221 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $73.94, for a total transaction of $164,220.74. Following the sale, 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. Also, insider Ilan Goren sold 2,700 shares of the stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $64.81, for a total value of $174,987.00. Following the sale, the insider owned 40,135 shares in the company, valued at approximately $2,601,149.35. This trade represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 10,526 shares of company stock valued at $755,406.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio lifted its position in shares of Enlight Renewable Energy by 0.3% in the first quarter. Public Employees Retirement System of Ohio now owns 48,095 shares of the company’s stock valued at $3,185,000 after acquiring an additional 127 shares in the last quarter. Quantinno Capital Management LP increased its position in Enlight Renewable Energy by 2.7% during the 1st quarter. Quantinno Capital Management LP now owns 6,506 shares of the company’s stock worth $435,000 after purchasing an additional 170 shares in the last quarter. Orion Capital Management LLC acquired a new position in Enlight Renewable Energy in the 2nd quarter valued at about $26,000. Versant Capital Management Inc acquired a new position in Enlight Renewable Energy in the 2nd quarter valued at about $34,000. Finally, State of Wyoming acquired a new position in Enlight Renewable Energy in the 1st quarter valued at about $41,000. 38.89% of the stock is owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. (NASDAQ: ENLT) is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its activities include utility-scale solar photovoltaic, wind power and energy storage projects.

The company manages projects across multiple stages of the renewable energy lifecycle, from development and permitting through construction and long-term operation. Its portfolio and development activities span Israel, the United States and selected European markets.

Founded in 1988, Enlight is headquartered in Israel and is also listed on the Tel Aviv Stock Exchange.