Enlight Renewable Energy Ltd. (NASDAQ:ENLT) Short Interest Update

Key Points

• Short interest fell 36.5% in March to 183,451 shares, leaving a days-to-cover ratio of 1.1 and only about 0.2% of the company's stock shorted.
• Shares jumped roughly 6.5% to $80.44, trading near a one-year high and valuing the company at about $9.54 billion with a high P/E (~78.8).
• Enlight beat EPS estimates (reported $0.10 vs. consensus −$0.07) but missed revenue expectations, and analysts hold a consensus "Hold" rating with a $48 target amid mixed Buy/Hold/Sell views.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 183,451 shares, a decrease of 36.5% from the March 15th total of 288,764 shares. Based on an average daily trading volume, of 162,605 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.2% of the company's stock are short sold.

Enlight Renewable Energy Stock Up 6.5%

ENLT traded up $4.89 during midday trading on Tuesday, reaching $80.44. 119,212 shares of the company were exchanged, compared to its average volume of 147,816. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.67 and a current ratio of 0.67. The company's fifty day moving average price is $69.78 and its 200 day moving average price is $51.20. The company has a market cap of $9.54 billion, a price-to-earnings ratio of 78.84, a price-to-earnings-growth ratio of 10.04 and a beta of 1.21. Enlight Renewable Energy has a one year low of $15.00 and a one year high of $81.28.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings data on Saturday, February 14th. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.17. The firm had revenue of $124.19 million during the quarter, compared to analyst estimates of $146.12 million. Enlight Renewable Energy had a return on equity of 7.35% and a net margin of 22.69%. As a group, analysts expect that Enlight Renewable Energy will post 0.41 EPS for the current year.

Institutional Trading of Enlight Renewable Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its holdings in Enlight Renewable Energy by 256.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company's stock worth $28,000 after purchasing an additional 881 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Enlight Renewable Energy during the 4th quarter worth approximately $56,000. Savant Capital LLC bought a new stake in Enlight Renewable Energy during the 4th quarter worth approximately $241,000. Mackenzie Financial Corp bought a new stake in Enlight Renewable Energy during the 4th quarter worth approximately $277,000. Finally, AQR Capital Management LLC bought a new stake in Enlight Renewable Energy during the 4th quarter worth approximately $283,000. 38.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ENLT has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft set a $65.00 price target on Enlight Renewable Energy and gave the stock a "hold" rating in a research note on Thursday. Mizuho set a $37.00 price target on Enlight Renewable Energy in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Barclays reaffirmed an "overweight" rating on shares of Enlight Renewable Energy in a research note on Wednesday, February 18th. Finally, UBS Group upped their price target on Enlight Renewable Energy to $65.00 and gave the stock a "buy" rating in a research note on Friday, January 16th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Enlight Renewable Energy has a consensus rating of "Hold" and a consensus target price of $48.00.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. NASDAQ: ENLT is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company's portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.

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