Enlight Renewable Energy (NASDAQ:ENLT) Hits New 1-Year High - Here's What Happened

Key Points

• Enlight Renewable Energy (NASDAQ:ENLT) reached a new 52-week high of $29.53 during trading, reflecting a notable rise in investor interest.
• JPMorgan Chase & Co. recently raised its price target on ENLT from $18.00 to $25.00, while other analysts have given mixed ratings ranging from "buy" to "strong sell".
• The company reported a net margin of 23.58% with a revenue of $36.37 million in its last quarterly earnings, falling short of estimates of $424.05 million.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $29.53 and last traded at $29.26, with a volume of 8015 shares changing hands. The stock had previously closed at $29.19.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ENLT shares. JPMorgan Chase & Co. raised their price target on shares of Enlight Renewable Energy from $18.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Barclays raised their price target on shares of Enlight Renewable Energy from $21.00 to $26.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Wall Street Zen cut shares of Enlight Renewable Energy from a "hold" rating to a "strong sell" rating in a report on Sunday, August 10th. Mizuho set a $21.00 price target on shares of Enlight Renewable Energy and gave the company an "underperform" rating in a report on Monday, July 14th. Finally, Roth Capital reiterated a "buy" rating and issued a $28.00 target price on shares of Enlight Renewable Energy in a research note on Wednesday, August 6th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $24.40.

Enlight Renewable Energy Stock Down 0.6%

The business's 50 day moving average is $26.19 and its 200 day moving average is $20.82. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 31.74, a PEG ratio of 3.49 and a beta of 1.51. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.70 and a current ratio of 0.70.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.05). Enlight Renewable Energy had a return on equity of 7.48% and a net margin of 23.58%.The business had revenue of $36.37 million for the quarter, compared to analysts' expectations of $424.05 million. Sell-side analysts anticipate that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors have recently bought and sold shares of the business. Jane Street Group LLC raised its position in Enlight Renewable Energy by 6.0% during the 2nd quarter. Jane Street Group LLC now owns 11,366 shares of the company's stock worth $258,000 after buying an additional 641 shares during the last quarter. Bank of Montreal Can raised its position in Enlight Renewable Energy by 6.4% during the 2nd quarter. Bank of Montreal Can now owns 11,021 shares of the company's stock worth $251,000 after buying an additional 660 shares during the last quarter. Geode Capital Management LLC raised its position in Enlight Renewable Energy by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 108,157 shares of the company's stock worth $2,458,000 after buying an additional 773 shares during the last quarter. BNP Paribas Financial Markets raised its position 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 buying an additional 881 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Enlight Renewable Energy by 2.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company's stock worth $690,000 after buying an additional 947 shares during the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

About Enlight Renewable Energy

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.