Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Down 7.1% - Should You Sell?

Key Points

• Enlight Renewable Energy shares fell 7.1% to $84.10, with trading volume down 70% from the average daily level.
• Analyst views remain mixed: the stock has an average “Hold” rating and a $75 price target, below its recent price, despite several Buy ratings and targets as high as $115.
• The company reported quarterly revenue of $165.99 million and earnings of $0.20 per share, while insiders sold roughly $29.8 million of stock over the past three months.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report)'s stock price fell 7.1% during trading on Wednesday . The company traded as low as $83.48 and last traded at $84.10. 55,650 shares changed hands during trading, a decline of 70% from the average daily volume of 187,686 shares. The stock had previously closed at $90.54.

Analysts Set New Price Targets

ENLT has been the subject of a number of research analyst reports. Truist Financial initiated coverage on shares of Enlight Renewable Energy in a research note on Monday, July 13th. They issued a "buy" rating and a $106.00 target price for the company. Barclays upped their price objective 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. UBS Group decreased their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their target price 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. Finally, Wall Street Zen upgraded Enlight Renewable Energy from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $75.00.

Enlight Renewable Energy Price Performance

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 moving average of $89.99 and a 200-day moving average of $79.30. The firm has a market capitalization of $9.90 billion, a P/E ratio of 193.86, a P/E/G ratio of 22.45 and a beta of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported $0.20 earnings per share 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 for the quarter. On average, sell-side analysts predict that Enlight Renewable Energy Ltd. will post 0.28 EPS for the current year.

Insider Transactions at Enlight Renewable Energy

In related news, insider Ilan Goren sold 26,622 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $103.76, for a total value of $2,762,298.72. Following the transaction, the insider owned 42,835 shares in the company, valued at approximately $4,444,559.60. This trade represents a 38.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shai Yeshayahu Weil sold 73,436 shares of the stock in a transaction dated Monday, May 25th. The stock was sold at an average price of $93.68, for a total transaction of $6,879,484.48. Following the sale, the director owned 396,655 shares in the company, valued at $37,158,640.40. The trade was a 15.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 313,597 shares of company stock worth $29,830,515.

Institutional Trading of Enlight Renewable Energy

Large investors have recently made changes to their positions in the company. Amundi grew its position in Enlight Renewable Energy by 2.3% in the 1st quarter. Amundi now owns 74,681 shares of the company's stock valued at $1,160,000 after purchasing an additional 1,647 shares during the period. Geode Capital Management LLC boosted its holdings in Enlight Renewable Energy by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 108,157 shares of the company's stock worth $2,458,000 after acquiring an additional 773 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Enlight Renewable Energy in the 2nd quarter worth $815,000. First Trust Advisors LP grew its stake in shares of Enlight Renewable Energy by 9.6% in the 2nd quarter. First Trust Advisors LP now owns 70,516 shares of the company's stock worth $1,600,000 after acquiring an additional 6,201 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Enlight Renewable Energy by 9.7% in the second quarter. Canada Pension Plan Investment Board now owns 279,789 shares of the company's stock valued at $6,348,000 after purchasing an additional 24,653 shares during the last quarter. Institutional investors and hedge funds 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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