Enlight Renewable Energy (NASDAQ:ENLT) Trading 1.9% Higher – Here’s Why

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) traded up 1.9% during mid-day trading on Monday . The company traded as high as $15.34 and last traded at $15.34. 2,293 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 15,954 shares. The stock had previously closed at $15.05.

Analyst Ratings Changes

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

Enlight Renewable Energy Stock Performance

The company has a market cap of $1.76 billion, a PE ratio of 42.22 and a beta of 1.26. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22. The firm’s 50 day moving average is $16.56 and its 200-day moving average is $16.37.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. The firm had revenue of $114.21 million during the quarter, compared to the consensus estimate of $289.04 million. On average, research analysts anticipate that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Y.D. More Investments Ltd raised its holdings in shares of Enlight Renewable Energy by 18.6% during the 4th quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock valued at $53,043,000 after buying an additional 482,129 shares during the period. Phoenix Financial Ltd. increased its position in shares of Enlight Renewable Energy by 42.2% during the 4th quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock valued at $21,634,000 after purchasing an additional 372,403 shares during the period. JPMorgan Chase & Co. bought a new stake in Enlight Renewable Energy in the third quarter worth about $4,901,000. Meitav Investment House Ltd. lifted its stake in Enlight Renewable Energy by 4.0% during the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock valued at $101,910,000 after purchasing an additional 229,255 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Enlight Renewable Energy in the 4th quarter worth $3,631,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

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.