Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down - Here's What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $18.19, but opened at $17.04. Enlight Renewable Energy shares last traded at $17.28, with a volume of 21,419 shares traded.

Analyst Ratings Changes

Several brokerages have recently issued reports on ENLT. Wolfe Research cut shares of Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Enlight Renewable Energy in a report on Thursday, March 6th. They set a "buy" rating and a $22.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Enlight Renewable Energy has a consensus rating of "Moderate Buy" and a consensus price target of $20.25.

Enlight Renewable Energy Price Performance

The stock has a market cap of $2.00 billion, a P/E ratio of 48.07 and a beta of 1.24. 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 firm has a 50-day moving average price of $16.48 and a 200-day moving average price of $16.54.

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 for the quarter, topping analysts' consensus estimates of $0.51 by $0.24. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. The firm had revenue of $129.87 million for the quarter, compared to the consensus estimate of $396.61 million. On average, analysts forecast that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENLT. Edmond DE Rothschild Holding S.A. raised its holdings in 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 worth $32,000 after buying an additional 625 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Enlight Renewable Energy by 2.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company's stock valued at $690,000 after purchasing an additional 947 shares in the last quarter. Amundi boosted its position in shares of Enlight Renewable Energy by 2.3% during 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 during the last quarter. Geode Capital Management LLC increased its holdings in Enlight Renewable Energy by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 106,057 shares of the company's stock worth $1,829,000 after buying an additional 2,467 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Enlight Renewable Energy by 0.6% in the 4th quarter. Deutsche Bank AG now owns 425,693 shares of the company's stock worth $7,343,000 after buying an additional 2,748 shares during the last quarter. Institutional investors own 38.89% of the company's stock.

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.

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