Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up - Should You Buy?

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $17.51, but opened at $18.33. Enlight Renewable Energy shares last traded at $18.30, with a volume of 3,611 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wolfe Research downgraded shares of Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Enlight Renewable Energy in a research report on Thursday, March 6th. They set a "buy" rating and a $22.00 price objective for the company. Two research analysts have rated the stock with a hold rating and three have issued 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 Trading Down 0.8%

The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53. The business's 50-day moving average price is $16.74 and its two-hundred day moving average price is $16.69. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 54.94 and a beta of 1.24.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.75 earnings per share for the quarter, beating 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 company had revenue of $129.87 million during the quarter, compared to the consensus estimate of $396.61 million. Research analysts predict that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Meitav Investment House Ltd. raised its position in shares of Enlight Renewable Energy by 4.0% in the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company's stock valued at $101,910,000 after buying an additional 229,255 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Enlight Renewable Energy by 1.7% in the first quarter. Vanguard Group Inc. now owns 4,227,862 shares of the company's stock valued at $68,107,000 after buying an additional 69,329 shares in the last quarter. Y.D. More Investments Ltd increased its stake in Enlight Renewable Energy by 18.0% in the first quarter. Y.D. More Investments Ltd now owns 3,621,516 shares of the company's stock valued at $57,870,000 after acquiring an additional 553,337 shares during the last quarter. Invesco Ltd. increased its stake in Enlight Renewable Energy by 2.5% in the first quarter. Invesco Ltd. now owns 1,656,086 shares of the company's stock valued at $26,762,000 after acquiring an additional 40,665 shares during the last quarter. Finally, Phoenix Financial Ltd. increased its stake in Enlight Renewable Energy by 42.2% in the fourth quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company's stock valued at $21,634,000 after acquiring an additional 372,403 shares during the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

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.