Enlight Renewable Energy (NASDAQ:ENLT) Sets New 52-Week High - Should You Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $20.44 and last traded at $19.70, with a volume of 87961 shares traded. The stock had previously closed at $19.47.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ENLT. Wolfe Research downgraded shares of Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research note on Thursday, February 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Enlight Renewable Energy in a research report on Thursday, March 6th. They issued a "buy" rating and a $22.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Enlight Renewable Energy has an average rating of "Moderate Buy" and an average target price of $20.25.

Enlight Renewable Energy Trading Down 1.3%

The firm's 50 day moving average price is $16.96 and its 200-day moving average price is $16.76. The stock has a market cap of $2.28 billion, a P/E ratio of 54.75 and a beta of 1.24. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.24. The company had revenue of $129.87 million for the quarter, compared to the consensus estimate of $396.61 million. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. As a group, equities research analysts forecast that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. USS Investment Management Ltd lifted its position in Enlight Renewable Energy by 53.6% during the first quarter. USS Investment Management Ltd now owns 87,757 shares of the company's stock valued at $1,418,000 after purchasing an additional 30,642 shares during the period. Advisors Asset Management Inc. raised its position in Enlight Renewable Energy by 70.7% in the first quarter. Advisors Asset Management Inc. now owns 27,565 shares of the company's stock worth $445,000 after acquiring an additional 11,414 shares during the period. Amundi raised its position in Enlight Renewable Energy by 2.3% in the first quarter. Amundi now owns 74,681 shares of the company's stock worth $1,160,000 after acquiring an additional 1,647 shares during the period. Canada Pension Plan Investment Board raised its position in Enlight Renewable Energy by 131.6% in the first quarter. Canada Pension Plan Investment Board now owns 255,136 shares of the company's stock worth $4,064,000 after acquiring an additional 144,980 shares during the period. Finally, Nuveen LLC bought a new position in Enlight Renewable Energy in the first quarter worth approximately $1,597,000. Institutional investors own 38.89% of the company's stock.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.