Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down - Time to Sell?

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $19.96, but opened at $19.33. Enlight Renewable Energy shares last traded at $19.79, with a volume of 21,692 shares.

Analysts Set New Price Targets

ENLT has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Enlight Renewable Energy in a report on Thursday, March 6th. They issued a "buy" rating and a $22.00 price target for the company. Wolfe Research downgraded Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.

Enlight Renewable Energy Price Performance

The firm has a market cap of $2.28 billion, a PE ratio of 54.83 and a beta of 1.24. The stock has a fifty day moving average price of $17.04 and a 200-day moving average price of $16.78. 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 released its earnings results on Tuesday, May 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.24. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. The firm had revenue of $129.87 million for the quarter, compared to analyst estimates of $396.61 million. Research analysts expect that Enlight Renewable Energy Ltd will post 0.41 EPS for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of institutional investors and hedge funds have recently made changes to their positions in ENLT. USS Investment Management Ltd boosted its position in Enlight Renewable Energy by 53.6% during the first quarter. USS Investment Management Ltd now owns 87,757 shares of the company's stock valued at $1,418,000 after purchasing an additional 30,642 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in 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 buying an additional 11,414 shares during the period. Amundi lifted its holdings in Enlight Renewable Energy by 2.3% during the 1st quarter. Amundi now owns 74,681 shares of the company's stock worth $1,160,000 after buying an additional 1,647 shares during the period. Canada Pension Plan Investment Board increased its position in Enlight Renewable Energy by 131.6% in the 1st 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 stake in Enlight Renewable Energy during the 1st quarter worth approximately $1,597,000. 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.