Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down - Should You Sell?

Key Points

• Enlight Renewable Energy shares gapped down ahead of the market open, falling from a prior close of $96.44 to an opening price of $91.43 and last trading around $89.78.
• Analyst sentiment is mixed: recent reports include ratings ranging from buy to sell, but MarketBeat data shows an overall average rating of Hold with a target price of $63.17.
• Recent insider activity has been negative, with executives selling shares and insiders offloading 313,597 shares worth about $29.8 million over the last three months.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $96.44, but opened at $91.43. Enlight Renewable Energy shares last traded at $89.7840, with a volume of 72,869 shares.

Analyst Ratings Changes

ENLT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft set a $65.00 price target on Enlight Renewable Energy and gave the stock a "hold" rating in a research report on Thursday, April 9th. JPMorgan Chase & Co. raised their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an "underweight" rating in a research report on Wednesday, May 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Enlight Renewable Energy in a research report on Friday, March 27th. UBS Group raised their price target on Enlight Renewable Energy from $105.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Finally, Barclays reissued an "overweight" rating on shares of Enlight Renewable Energy in a research report on Wednesday, February 18th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $63.17.

Enlight Renewable Energy Price Performance

The stock has a market capitalization of $10.55 billion, a price-to-earnings ratio of 206.54, a price-to-earnings-growth ratio of 34.68 and a beta of 1.56. The company has a 50 day moving average of $88.62 and a 200 day moving average of $68.42. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported $0.16 EPS for the quarter. The firm had revenue of $156.49 million during the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%. As a group, equities research analysts forecast that Enlight Renewable Energy Ltd. will post 0.29 EPS for the current fiscal year.

Insider Transactions at Enlight Renewable Energy

In related news, Vice Chairman Yair Seroussi sold 22,505 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $90.63, for a total value of $2,039,628.15. Following the completion of the transaction, the insider directly owned 14,233 shares in the company, valued at approximately $1,289,936.79. This represents a 61.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Israeli Ayelet Cohen sold 10,123 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $108.50, for a total value of $1,098,345.50. Following the completion of the transaction, the vice president owned 20,974 shares of the company's stock, valued at $2,275,679. The trade was a 32.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 313,597 shares of company stock valued at $29,830,515.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 acquiring an additional 11,994 shares during the period. Y.D. More Investments Ltd grew its stake in shares of Enlight Renewable Energy by 4.5% in the fourth quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company's stock valued at $264,965,000 after buying an additional 252,446 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Enlight Renewable Energy by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company's stock valued at $225,058,000 after buying an additional 503,060 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Enlight Renewable Energy by 19.9% in the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 9,890,141 shares of the company's stock valued at $448,589,000 after buying an additional 1,643,110 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Enlight Renewable Energy in the fourth quarter valued at about $17,875,000. Hedge funds and other institutional investors own 38.89% of the company's stock.

About Enlight Renewable Energy

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.

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