Enlight Renewable Energy (NASDAQ:ENLT) Sets New 52-Week High - Here's Why

Key Points

• Enlight Renewable Energy hit a new 52-week high, trading as high as $89.50 and last at $88.99 on Monday with about 36,530 shares changing hands.
• A range of analyst views (3 Buy, 2 Hold, 2 Sell) results in a consensus "Hold" rating and $51.67 price target, which is materially below the current share price.
• The company has a $10.61 billion market cap and a high valuation (P/E 87.72); it beat EPS estimates last quarter ($0.10 vs. -$0.07) despite reporting revenue below forecasts.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $89.50 and last traded at $88.99, with a volume of 36530 shares. The stock had previously closed at $87.57.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Barclays reiterated an "overweight" rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. UBS Group raised their price target on shares of Enlight Renewable Energy to $65.00 and gave the stock a "buy" rating in a report on Friday, January 16th. JPMorgan Chase & Co. boosted their price objective on shares of Enlight Renewable Energy from $45.00 to $57.00 and gave the company an "underweight" rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Finally, Mizuho set a $37.00 target price on shares of Enlight Renewable Energy in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Enlight Renewable Energy presently has a consensus rating of "Hold" and a consensus price target of $51.67.

Enlight Renewable Energy Price Performance

The company's 50-day simple moving average is $73.71 and its 200 day simple moving average is $54.50. The company has a market capitalization of $10.61 billion, a P/E ratio of 87.72, a P/E/G ratio of 11.02 and a beta of 1.21. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 2.03.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its quarterly earnings results on Saturday, February 14th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.17. The business had revenue of $124.19 million for the quarter, compared to the consensus estimate of $146.12 million. Enlight Renewable Energy had a net margin of 22.69% and a return on equity of 7.35%. As a group, sell-side analysts expect that Enlight Renewable Energy Ltd. will post 0.46 earnings per share for the current fiscal year.

Institutional Trading of Enlight Renewable Energy

Large investors have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Enlight Renewable Energy by 3.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,722,610 shares of the company's stock valued at $84,837,000 after acquiring an additional 103,430 shares in the last quarter. Y.D. More Investments Ltd boosted its position in Enlight Renewable Energy by 4.5% during the fourth quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company's stock worth $264,965,000 after purchasing an additional 252,446 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Enlight Renewable Energy by 26.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 57,621 shares of the company's stock valued at $2,618,000 after purchasing an additional 11,994 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Enlight Renewable Energy by 1.6% in the third quarter. Vanguard Group Inc. now owns 4,447,614 shares of the company's stock valued at $136,800,000 after purchasing an additional 70,338 shares during the period. Finally, Citigroup Inc. lifted its stake in shares of Enlight Renewable Energy by 465.1% in the third quarter. Citigroup Inc. now owns 110,153 shares of the company's stock worth $3,398,000 after buying an additional 90,662 shares during the last quarter. Institutional investors own 38.89% of the company's stock.

Enlight Renewable Energy Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.