Enlight Renewable Energy (NASDAQ:ENLT) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Key Points

• JPMorgan cut Enlight Renewable Energy’s price target from $80 to $65 and maintained an “underweight” rating, implying approximately 4.45% downside from the prior close.
• Analyst sentiment remains mixed: the company has an average “Hold” rating and an average price target of $74.86, with targets ranging from $41 to $115.
• ENLT shares fell 2.4% to $68.03, while the company reported quarterly revenue of $165.99 million and earnings of $0.20 per share in its latest results.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $80.00 to $65.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential downside of 4.45% from the company's previous close.

Several other brokerages have also recently commented on ENLT. Truist Financial dropped their target price on shares of Enlight Renewable Energy from $106.00 to $104.00 and set a "buy" rating for the company in a research report on Monday, September 28th. Wall Street Zen upgraded Enlight Renewable Energy from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings downgraded Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 18th. Mizuho cut their target price on Enlight Renewable Energy from $45.00 to $41.00 and set an "underperform" rating on the stock in a research note on Tuesday, October 13th. Finally, UBS Group reduced their target price on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.86.

Enlight Renewable Energy Trading Down 2.4%

Shares of NASDAQ ENLT traded down $1.65 during mid-day trading on Monday, hitting $68.03. The company's stock had a trading volume of 143,176 shares, compared to its average volume of 188,397. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of 109.73, a price-to-earnings-growth ratio of 23.19 and a beta of 1.70. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.12 and a quick ratio of 1.12. Enlight Renewable Energy has a one year low of $32.75 and a one year high of $108.65. The company's fifty day simple moving average is $74.69 and its 200-day simple moving average is $82.76.

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

Insiders Place Their Bets

In other Enlight Renewable Energy news, CFO Nir Yehuda sold 1,276 shares of the business'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 completion of the transaction, the chief financial officer directly owned 34,324 shares of the company's stock, valued at approximately $2,279,113.60. The trade was 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 accessible through 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 the 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 $2,601,149.35. This trade represents a 6.30% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 10,526 shares of company stock worth $755,406.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in ENLT. GAMMA Investing LLC acquired a new stake in shares of Enlight Renewable Energy in the third quarter valued at about $59,000. Versant Capital Management Inc increased its position in Enlight Renewable Energy by 105.9% during the third quarter. Versant Capital Management Inc now owns 801 shares of the company's stock worth $55,000 after buying an additional 412 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Enlight Renewable Energy by 9.8% during the 2nd quarter. Tidal Investments LLC now owns 27,273 shares of the company's stock worth $2,428,000 after acquiring an additional 2,427 shares during the last quarter. Orion Capital Management LLC acquired a new stake in Enlight Renewable Energy during the 2nd quarter valued at $26,000. Finally, Navellier & Associates Inc. acquired a new stake in shares of Enlight Renewable Energy during the 2nd quarter worth about $3,475,000. 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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