Enlight Renewable Energy (NASDAQ:ENLT) Share Price Crosses Above 50-Day Moving Average – Here’s Why

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $70.40 and traded as high as $71.39. Enlight Renewable Energy shares last traded at $70.52, with a volume of 149,059 shares trading hands.

Wall Street Analysts Forecast Growth

ENLT has been the subject of a number of recent research reports. Barclays increased their price objective on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Mizuho lowered their target price on Enlight Renewable Energy from $45.00 to $41.00 and set an “underperform” rating on the stock in a report on Tuesday, October 13th. JPMorgan Chase & Co. dropped their price target on Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating for the company in a research report on Monday, October 19th. Zacks Research lowered Enlight Renewable Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 6th. Finally, Truist Financial cut their price target on Enlight Renewable Energy from $106.00 to $104.00 and set a “buy” rating for the company in a report on Monday, September 28th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Enlight Renewable Energy has an average rating of “Hold” and an average price target of $74.86.

Enlight Renewable Energy Price Performance

The company has a debt-to-equity ratio of 2.25, a current ratio of 0.75 and a quick ratio of 0.75. The stock’s fifty day moving average is $70.08 and its 200-day moving average is $78.22. The stock has a market cap of $7.98 billion, a PE ratio of 116.98, a price-to-earnings-growth ratio of 15.33 and a beta of 1.72.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. The firm had revenue of $186.71 million during the quarter, compared to analysts’ expectations of $581.13 million. Enlight Renewable Energy had a net margin of 12.25% and a return on equity of 3.59%. As a group, equities analysts anticipate that Enlight Renewable Energy Ltd. will post 0.49 EPS for the current year.

Insider Transactions at Enlight Renewable Energy

In related news, insider Ilan Goren sold 2,700 shares of Enlight Renewable Energy stock in a transaction that occurred 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 completion of 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nir Yehuda sold 1,276 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $66.40, for a total value of $84,726.40. Following the completion of the sale, the chief financial officer directly owned 34,324 shares in the company, valued at approximately $2,279,113.60. The trade was a 3.58% decrease in their position. The SEC filing for this sale provides additional information. 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 worth $755,406.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ENLT. First Trust Advisors LP boosted its position in shares of Enlight Renewable Energy by 51.0% during the third quarter. First Trust Advisors LP now owns 400,386 shares of the company’s stock worth $27,756,000 after buying an additional 135,248 shares during the period. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Enlight Renewable Energy by 2.9% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,488,040 shares of the company’s stock valued at $796,911,000 after buying an additional 326,995 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in shares of Enlight Renewable Energy in the 3rd quarter valued at $1,981,000. Edmond DE Rothschild Holding S.A. raised its holdings in shares of Enlight Renewable Energy by 6.6% in the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 3,007 shares of the company’s stock valued at $208,000 after buying an additional 187 shares during the period. Finally, Public Sector Pension Investment Board raised its holdings in shares of Enlight Renewable Energy by 1.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 118,142 shares of the company’s stock valued at $8,275,000 after buying an additional 1,234 shares during the period. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its portfolio includes solar and wind power facilities, as well as energy storage projects designed to support the integration of renewable electricity into power grids. Founded in Israel in 2008, the company has expanded beyond its home market to develop projects in the United States and Europe. Its activities span multiple stages of a project’s life cycle, from identifying sites and securing permits to construction and ongoing operations.