Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Target Cut by Truist Financial

Key Points

• Truist Financial lowered Enlight Renewable Energy’s price target from $106 to $104 while maintaining a “buy” rating, implying approximately 52% upside from the stock’s $68.42 price.
• Analyst sentiment is mixed: four analysts rate ENLT a Buy, two Hold, and two Sell, resulting in an overall “Hold” consensus and an average target price of $74.71.
• Enlight reported quarterly revenue of $165.99 million and earnings of $0.20 per share; the stock trades well below its 52-week high of $108.65 and has a debt-to-equity ratio of 2.31.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) had its price objective reduced by stock analysts at Truist Financial from $106.00 to $104.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 52.00% from the stock's current price.

Several other research firms have also commented on ENLT. Wall Street Zen lowered shares of Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Barclays lifted their target price 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. Weiss Ratings downgraded shares of Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 18th. Finally, UBS Group lowered their price target 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. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $74.71.

Enlight Renewable Energy Price Performance

NASDAQ ENLT traded down $1.05 during mid-day trading on Monday, hitting $68.42. The stock had a trading volume of 30,973 shares, compared to its average volume of 187,422. The company has a 50 day simple moving average of $80.28 and a 200 day simple moving average of $83.13. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.31. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 110.40, a P/E/G ratio of 54.31 and a beta of 1.65. Enlight Renewable Energy has a 52-week low of $29.28 and a 52-week high of $108.65.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%.The company had revenue of $165.99 million for the quarter. Equities analysts forecast that Enlight Renewable Energy will post 0.35 EPS for the current fiscal year.

Insider Activity at Enlight Renewable Energy

In related news, insider Amit Paz sold 2,221 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $73.94, for a total transaction of $164,220.74. Following the sale, the insider owned 277,462 shares of the company's stock, valued at $20,515,540.28. This trade represents a 0.79% 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.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ENLT. Orion Capital Management LLC purchased a new position in Enlight Renewable Energy during the second quarter worth approximately $26,000. Versant Capital Management Inc acquired a new stake in shares of Enlight Renewable Energy during the 2nd quarter worth $34,000. State of Wyoming purchased a new position in shares of Enlight Renewable Energy in the 1st quarter worth $41,000. Walleye Capital LLC purchased a new position in shares of Enlight Renewable Energy in the 1st quarter worth $240,000. Finally, Savant Capital LLC purchased a new position in shares of Enlight Renewable Energy in the 4th quarter worth $241,000. Institutional investors and hedge funds own 38.89% of the company's stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates utility-scale clean energy projects. Its activities focus primarily on solar photovoltaic, wind energy and energy storage systems, with projects designed to generate electricity and support the reliability and flexibility of power grids.

The company manages projects across multiple stages of the renewable energy value chain, including site development, permitting, power purchase arrangements, construction and long-term operation.

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