Enlight Renewable Energy (NASDAQ:ENLT) Posts Earnings Results, Beats Expectations By $0.13 EPS

Enlight Renewable Energy (NASDAQ:ENLT) issued its quarterly earnings data on Tuesday. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.13, Zacks reports. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.

Enlight Renewable Energy Trading Up 6.6%

Enlight Renewable Energy stock opened at $88.19 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.68. Enlight Renewable Energy has a 52 week low of $22.95 and a 52 week high of $108.65. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 207.29, a price-to-earnings-growth ratio of 22.93 and a beta of 1.68. The stock has a 50-day moving average price of $90.25 and a 200 day moving average price of $79.02.

Insider Buying and Selling

In other Enlight Renewable Energy news, Chairman Gilad Yavetz sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $91.78, for a total transaction of $9,178,000.00. Following the completion of the transaction, the chairman directly owned 846,436 shares of the company’s stock, valued at approximately $77,685,896.08. This trade represents a 10.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ilan Goren sold 26,622 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the completion of the sale, the insider directly owned 42,835 shares in the company, valued at $4,444,559.60. This trade represents a 38.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 313,597 shares of company stock worth $29,830,515 in the last quarter.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors have recently modified their holdings of ENLT. Invesco Ltd. lifted its holdings in shares of Enlight Renewable Energy by 19.0% in the 4th quarter. Invesco Ltd. now owns 1,468,914 shares of the company’s stock valued at $66,777,000 after buying an additional 234,306 shares during the period. Mackenzie Financial Corp acquired a new stake in Enlight Renewable Energy during the fourth quarter worth about $277,000. Quadrature Capital Ltd purchased a new position in Enlight Renewable Energy during the fourth quarter valued at approximately $355,000. OLD Mission Capital LLC purchased a new position in Enlight Renewable Energy during the fourth quarter valued at approximately $363,000. Finally, AQR Capital Management LLC acquired a new position in Enlight Renewable Energy in the fourth quarter valued at approximately $283,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ENLT shares. Deutsche Bank Aktiengesellschaft set a $65.00 target price on shares of Enlight Renewable Energy and gave the stock a “hold” rating in a report on Thursday, April 9th. Barclays raised their price target 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. UBS Group cut 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 research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price objective on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $75.00.

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.