Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Up 6% After Earnings Beat

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) were up 6% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $17.21 and last traded at $17.23. Approximately 10,499 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 14,900 shares. The stock had previously closed at $16.26.

The company reported $0.75 earnings per share (EPS) 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 analysts' expectations of $396.61 million.

Wall Street Analysts Forecast Growth

ENLT has been the topic of a number of research reports. Wolfe Research lowered Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Enlight Renewable Energy in a research note on Thursday, March 6th. They issued a "buy" rating and a $22.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Thursday, January 23rd. Two research 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, Enlight Renewable Energy has an average rating of "Moderate Buy" and a consensus target price of $20.25.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Barclays PLC raised its position in Enlight Renewable Energy by 4,278.2% during the 3rd quarter. Barclays PLC now owns 25,525 shares of the company's stock valued at $432,000 after purchasing an additional 24,942 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Enlight Renewable Energy by 11.3% during the third quarter. Tidal Investments LLC now owns 18,241 shares of the company's stock valued at $308,000 after buying an additional 1,852 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Enlight Renewable Energy during the third quarter valued at approximately $4,901,000. Y.D. More Investments Ltd lifted its stake in Enlight Renewable Energy by 18.6% in the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company's stock worth $53,043,000 after acquiring an additional 482,129 shares during the period. Finally, Meitav Investment House Ltd. boosted its holdings in 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 acquiring an additional 229,255 shares in the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

Enlight Renewable Energy Trading Up 1.7 %

The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98. The firm has a market cap of $2.10 billion, a P/E ratio of 50.50 and a beta of 1.24. The firm's fifty day moving average is $16.15 and its two-hundred day moving average is $16.39.

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.