Enlight Renewable Energy (NASDAQ:ENLT) Stock Bumped Down to Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Enlight Renewable Energy from “hold” to “sell,” while broader analyst sentiment remains mixed with a consensus “hold” rating and an average price target of $74.86.
• ENLT shares opened at $68.38 after declining 1.4%, well below their 50-day and 200-day moving averages of $73.23 and $82.66, respectively. The stock has traded between $32.87 and $108.65 over the past year.
• The company reported quarterly earnings of $0.20 per share on revenue of $165.99 million. Insiders sold 10,526 shares worth approximately $755,406 over the past 90 days, while institutional investors and hedge funds own 38.89% of the stock.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Sunday, Wall Street Zen reports.

Several other analysts have also issued reports on the stock. Barclays raised their price target 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. Zacks Research raised Enlight Renewable Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Mizuho cut their target price on 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. UBS Group reduced their target price on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Finally, Weiss Ratings cut Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $74.86.

Enlight Renewable Energy Trading Down 1.4%

NASDAQ ENLT opened at $68.38 on Friday. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.12 and a current ratio of 1.12. The company has a 50-day simple moving average of $73.23 and a 200-day simple moving average of $82.66. The firm has a market capitalization of $8.11 billion, a PE ratio of 110.29, a price-to-earnings-growth ratio of 22.57 and a beta of 1.70. Enlight Renewable Energy has a one year low of $32.87 and a one year high of $108.65.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $0.20 EPS for the quarter. The company had revenue of $165.99 million during the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%. On average, equities analysts forecast that Enlight Renewable Energy will post 0.39 earnings per share for the current year.

Insider Transactions at Enlight Renewable Energy

In related news, CFO Nir Yehuda sold 1,276 shares of the firm's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $66.40, for a total value of $84,726.40. Following the transaction, the chief financial officer owned 34,324 shares in the company, valued at $2,279,113.60. This trade represents a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ilan Goren sold 2,700 shares of Enlight Renewable Energy stock in a transaction dated Thursday, October 1st. The stock was 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 of the company's stock, valued at approximately $2,601,149.35. The trade was a 6.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 10,526 shares of company stock worth $755,406 over the last 90 days.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Orion Capital Management LLC acquired a new stake in shares of Enlight Renewable Energy during the 2nd quarter worth approximately $26,000. Versant Capital Management Inc bought a new stake in shares of Enlight Renewable Energy during the second quarter worth approximately $34,000. State of Wyoming bought a new stake in shares of Enlight Renewable Energy during the first quarter worth approximately $41,000. GAMMA Investing LLC acquired a new position in Enlight Renewable Energy in the third quarter valued at approximately $59,000. Finally, Walleye Capital LLC acquired a new position in Enlight Renewable Energy in the first quarter valued at approximately $240,000. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Enlight Renewable Energy Company Profile

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.

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