Enlight Renewable Energy (NASDAQ:ENLT) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Enlight Renewable Energy from “hold” to “strong buy,” although the broader analyst consensus remains “hold” with a $74.71 target price.
• Enlight shares opened at $66.08, down 2.2%, and remain well below their 52-week high of $108.65. The company reported quarterly revenue of $165.99 million and earnings of $0.20 per share.
• Insiders have sold 10,526 shares worth approximately $755,406 over the past three months, while institutional investors own 38.89% of the stock.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other research analysts have also weighed in on ENLT. Weiss Ratings lowered Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, September 18th. UBS Group cut their target price on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Wall Street Zen downgraded Enlight Renewable Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Truist Financial lowered their price target on 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. Finally, Barclays upped 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 note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned 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 a consensus target price of $74.71.

Enlight Renewable Energy Trading Down 2.2%

Shares of NASDAQ ENLT opened at $66.08 on Tuesday. Enlight Renewable Energy has a 1 year low of $32.31 and a 1 year high of $108.65. The stock has a market cap of $7.84 billion, a P/E ratio of 106.58, a price-to-earnings-growth ratio of 52.84 and a beta of 1.70. The firm has a 50-day moving average of $76.94 and a 200 day moving average of $82.83. 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 (NASDAQ:ENLT - Get Free Report) last announced its quarterly earnings data 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 for the quarter. As a group, sell-side analysts expect that Enlight Renewable Energy will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling at Enlight Renewable Energy

In other Enlight Renewable Energy 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 directly owned 277,462 shares in the company, valued at approximately $20,515,540.28. This trade represents a 0.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Nir Yehuda sold 1,276 shares of Enlight Renewable Energy stock in a transaction on 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 sale, 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 position. 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. In the last three months, insiders have sold 10,526 shares of company stock worth $755,406.

Institutional Investors Weigh In On Enlight Renewable Energy

Several institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its holdings in Enlight Renewable Energy by 0.3% during the first quarter. Public Employees Retirement System of Ohio now owns 48,095 shares of the company's stock valued at $3,185,000 after buying an additional 127 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Enlight Renewable Energy by 2.7% during the 1st quarter. Quantinno Capital Management LP now owns 6,506 shares of the company's stock worth $435,000 after acquiring an additional 170 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Enlight Renewable Energy during the 2nd quarter worth $26,000. Versant Capital Management Inc bought a new stake in shares of Enlight Renewable Energy during the 2nd quarter valued at $34,000. Finally, State of Wyoming bought a new stake in shares of Enlight Renewable Energy during the 1st quarter valued at $41,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

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 portfolio includes solar photovoltaic, wind energy and energy storage facilities, with activities spanning project development through long-term asset ownership and operations.

The company serves electricity markets in Israel, the United States and several European countries. Its business is focused on expanding renewable generation and storage capacity, often through projects that combine intermittent renewable resources with storage technology to support grid reliability and power delivery.

Enlight was established in Israel and has developed into an international renewable energy platform.

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