Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up After Earnings Beat

Key Points

• Enlight Renewable Energy shares jumped after the company reported quarterly EPS of $0.20 and revenue of $165.99 million, opening at $90.37 versus a prior close of $82.70.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $75, despite recent Buy and Overweight ratings from several firms.
• Insiders sold 313,597 shares worth approximately $29.8 million over the past 90 days, while hedge funds and other institutional investors own 38.89% of the company.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report)'s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $82.70, but opened at $90.37. Enlight Renewable Energy shares last traded at $89.1240, with a volume of 74,236 shares traded.

The company reported $0.20 earnings per share (EPS) for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.The firm had revenue of $165.99 million during the quarter.

Analyst Ratings Changes

A number of research firms have recently weighed in on ENLT. UBS Group reduced their target price on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on shares of Enlight Renewable Energy and gave the stock a "hold" rating in a research note on Thursday, April 9th. Truist Financial initiated coverage on shares of Enlight Renewable Energy in a research note on Monday, July 13th. They set a "buy" rating and a $106.00 target price for the company. Barclays boosted their price target on Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their price objective on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an "underweight" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $75.00.

Insider Buying and Selling

In related news, Chairman Gilad Yavetz sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $91.78, for a total value of $9,178,000.00. Following the transaction, the chairman directly owned 846,436 shares of the company's stock, valued at approximately $77,685,896.08. This represents a 10.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Israeli Ayelet Cohen sold 10,123 shares of the 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 sale, the vice president owned 20,974 shares in the company, valued at approximately $2,275,679. This represents a 32.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 313,597 shares of company stock worth $29,830,515 over the last 90 days.

Hedge Funds Weigh In On Enlight Renewable Energy

Hedge funds have recently bought and sold shares of the business. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Enlight Renewable Energy by 18.2% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company's stock worth $774,113,000 after acquiring an additional 1,797,936 shares during the period. Y.D. More Investments Ltd lifted 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 valued at $264,965,000 after purchasing an additional 252,446 shares during the period. Vanguard Group Inc. lifted its position in Enlight Renewable Energy by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company's stock valued at $225,058,000 after purchasing an additional 503,060 shares during the period. Altshuler Shaham Ltd boosted its holdings in Enlight Renewable Energy by 705.5% in the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company's stock worth $311,645,000 after purchasing an additional 4,127,573 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Enlight Renewable Energy by 2.8% in the third quarter. Legal & General Group Plc now owns 1,920,888 shares of the company's stock worth $59,253,000 after purchasing an additional 53,103 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company's stock.

Enlight Renewable Energy Stock Performance

The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $10.52 billion, a P/E ratio of 207.14, a P/E/G ratio of 22.93 and a beta of 1.68. The business's 50-day simple moving average is $90.25 and its 200 day simple moving average is $79.02.

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.

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