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

Key Points

• Enlight Renewable Energy (NASDAQ:ENLT) gapped up at the open, rising from a prior close of $82.94 to $90.03 and last trading around $88.54, up about 7.5% on the day.
• Analyst sentiment is mixed: Truist started coverage with a Buy and a $106 target, while others issued Hold/Sell views; overall, the stock has a consensus rating of Hold with an average target price of $68.14.
• The company reported quarterly EPS of $0.16 on revenue of $156.49 million, while insiders have been selling shares recently and institutional ownership stands at 38.89%.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $82.94, but opened at $90.03. Enlight Renewable Energy shares last traded at $88.54, with a volume of 62,910 shares changing hands.

Analyst Upgrades and Downgrades

ENLT has been the topic of several analyst reports. Truist Financial began coverage on Enlight Renewable Energy in a research note on Monday. They set a "buy" rating and a $106.00 price objective on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on Enlight Renewable Energy and gave the stock a "hold" rating in a report on Thursday, April 9th. Wall Street Zen downgraded Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research report on Sunday. Finally, JPMorgan Chase & Co. increased their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an "underweight" rating in a report on Wednesday, May 6th. Four 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 company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $68.14.

Enlight Renewable Energy Stock Up 7.5%

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68. The company has a 50-day simple moving average of $90.82 and a 200 day simple moving average of $74.79. The company has a market cap of $10.58 billion, a P/E ratio of 207.43, a P/E/G ratio of 22.32 and a beta of 1.66.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. The business 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%. On average, equities analysts anticipate that Enlight Renewable Energy Ltd. will post 0.28 EPS for the current year.

Insider Buying and Selling

In other Enlight Renewable Energy news, insider Ilan Goren sold 26,622 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $103.76, for a total value of $2,762,298.72. Following the transaction, the insider directly owned 42,835 shares in the company, valued at $4,444,559.60. This represents a 38.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Gilad Yavetz sold 100,000 shares of the firm'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 transaction of $9,178,000.00. Following the transaction, the chairman directly owned 846,436 shares in the company, valued at approximately $77,685,896.08. This trade represents a 10.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 313,597 shares of company stock worth $29,830,515 over the last ninety days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Enlight Renewable Energy by 26.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 57,621 shares of the company's stock valued at $2,618,000 after purchasing an additional 11,994 shares in the last quarter. Y.D. More Investments Ltd grew its position in shares of Enlight Renewable Energy by 4.5% during the 4th quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company's stock worth $264,965,000 after buying an additional 252,446 shares in the last quarter. Altshuler Shaham Ltd grew its position in shares of Enlight Renewable Energy by 41.9% during the 4th quarter. Altshuler Shaham Ltd now owns 585,068 shares of the company's stock worth $26,557,000 after buying an additional 172,718 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd increased its stake in shares of Enlight Renewable Energy by 19.9% during 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 during the period. Finally, Norges Bank purchased a new position in shares of Enlight Renewable Energy during the fourth quarter valued at $17,875,000. Institutional investors own 38.89% of the company's stock.

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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