Enlight Renewable Energy (NASDAQ:ENLT) Sees Strong Trading Volume – Time to Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT) saw unusually-strong trading volume on Monday . Approximately 11,833 shares were traded during mid-day trading, a decline of 21% from the previous session’s volume of 15,071 shares.The stock last traded at $19.13 and had previously closed at $19.05.

Analyst Ratings Changes

ENLT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Enlight Renewable Energy in a research report on Thursday, March 6th. They issued a “buy” rating and a $22.00 price objective for the company. Wolfe Research downgraded shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Enlight Renewable Energy has an average rating of “Moderate Buy” and an average target price of $20.25.

Enlight Renewable Energy Price Performance

The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 52.36 and a beta of 1.24. The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98. The company has a 50 day simple moving average of $16.45 and a 200 day simple moving average of $16.53.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.24. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. The company had revenue of $129.87 million during the quarter, compared to analyst estimates of $396.61 million. As a group, research analysts predict that Enlight Renewable Energy Ltd will post 0.41 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. boosted its position in shares of Enlight Renewable Energy by 51.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock worth $32,000 after buying an additional 625 shares during the period. Russell Investments Group Ltd. purchased a new position in Enlight Renewable Energy in the 4th quarter worth approximately $145,000. Jane Street Group LLC purchased a new position in Enlight Renewable Energy in the 4th quarter worth approximately $196,000. TD Asset Management Inc acquired a new stake in Enlight Renewable Energy in the first quarter valued at approximately $203,000. Finally, Advisors Asset Management Inc. grew its position in Enlight Renewable Energy by 70.7% in the first quarter. Advisors Asset Management Inc. now owns 27,565 shares of the company’s stock valued at $445,000 after acquiring an additional 11,414 shares in the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.