Enlight Renewable Energy (NASDAQ:ENLT) Sees Large Volume Increase - Time to Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) shares saw an uptick in trading volume on Thursday . 16,713 shares were traded during mid-day trading, an increase of 1% from the previous session's volume of 16,583 shares.The stock last traded at $18.89 and had previously closed at $19.39.

Analysts Set New Price Targets

A number of research firms recently issued reports on ENLT. Wolfe Research downgraded 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 shares of Enlight Renewable Energy in a research report on Thursday, March 6th. They issued a "buy" rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.25.

Enlight Renewable Energy Stock Down 1.7%

The firm has a market capitalization of $2.12 billion, a PE ratio of 51.04 and a beta of 1.41. The firm's 50-day moving average is $17.41 and its 200 day moving average is $16.89. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22.

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, topping analysts' consensus estimates of $0.51 by $0.24. The business had revenue of $129.87 million during the quarter, compared to analysts' expectations 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, research analysts forecast that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. raised its position in shares of Enlight Renewable Energy by 51.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company's stock valued at $32,000 after buying an additional 625 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Enlight Renewable Energy in the 4th quarter valued at $145,000. Jane Street Group LLC acquired a new position in Enlight Renewable Energy in the 4th quarter valued at $196,000. TD Asset Management Inc purchased a new position in shares of Enlight Renewable Energy during the 1st quarter worth $203,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Enlight Renewable Energy by 70.7% during the first quarter. Advisors Asset Management Inc. now owns 27,565 shares of the company's stock worth $445,000 after purchasing an additional 11,414 shares during the last quarter. 38.89% of the stock is currently 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.