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

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) gapped down prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ENLT shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Enlight Renewable Energy in a report on Thursday, March 6th. They issued a "buy" rating and a $22.00 target price on the stock. Wolfe Research lowered shares of Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.

Enlight Renewable Energy Price Performance

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 business has a fifty day moving average of $17.11 and a two-hundred day moving average of $16.81. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 54.72 and a beta of 1.41.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last announced 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 return on equity of 3.03% and a net margin of 11.09%. The company had revenue of $129.87 million for the quarter, compared to analyst estimates of $396.61 million. As a group, research analysts predict that Enlight Renewable Energy Ltd will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors have recently made changes to their positions in the stock. USS Investment Management Ltd lifted its holdings in shares of Enlight Renewable Energy by 53.6% during the 1st quarter. USS Investment Management Ltd now owns 87,757 shares of the company's stock worth $1,418,000 after acquiring an additional 30,642 shares during the period. Advisors Asset Management Inc. lifted 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 period. Amundi increased its stake in shares of Enlight Renewable Energy by 2.3% in 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 period. Canada Pension Plan Investment Board increased its position in Enlight Renewable Energy by 131.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 255,136 shares of the company's stock valued at $4,064,000 after purchasing an additional 144,980 shares during the period. Finally, Nuveen LLC bought a new position in Enlight Renewable Energy during the first quarter worth $1,597,000. 38.89% of the stock is currently owned by 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.