Enlight Renewable Energy (NASDAQ:ENLT) Sees Unusually-High Trading Volume - Should You Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 68,954 shares traded hands during trading, an increase of 324% from the previous session's volume of 16,248 shares.The stock last traded at $19.77 and had previously closed at $19.47.

Wall Street Analysts Forecast Growth

ENLT has been the topic of a number of recent research reports. 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 started coverage on shares of Enlight Renewable Energy in a research note on Thursday, March 6th. They set a "buy" rating and a $22.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.25.

Enlight Renewable Energy Trading Down 1.3%

The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 54.75 and a beta of 1.24. The business's 50-day simple moving average is $16.96 and its 200-day simple moving average is $16.76.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.75 earnings per share (EPS) 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%. On average, research analysts expect that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enlight Renewable Energy

Several hedge funds have recently made changes to their positions in the business. USS Investment Management Ltd grew its stake in shares of Enlight Renewable Energy by 53.6% during the 1st quarter. USS Investment Management Ltd now owns 87,757 shares of the company's stock worth $1,418,000 after acquiring an additional 30,642 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Enlight Renewable Energy by 70.7% during the 1st 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 in the last quarter. Amundi grew its stake in shares of Enlight Renewable Energy by 2.3% in the first quarter. Amundi now owns 74,681 shares of the company's stock valued at $1,160,000 after buying an additional 1,647 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of 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 valued at $4,064,000 after buying an additional 144,980 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Enlight Renewable Energy in the first quarter valued at $1,597,000. 38.89% of the stock is owned by institutional investors.

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.