Enlight Renewable Energy (NASDAQ:ENLT) Stock Rating Upgraded by Truist Financial

Key Points

• Truist Financial upgraded Enlight Renewable Energy to a “strong-buy” rating, while the broader analyst view remains mixed with a consensus rating of “Hold” and a consensus target price of $68.14.
• The stock was trading at $90.25 on Monday, above both its 50-day moving average of $90.81 and 200-day moving average of $75.10, with a 1-year range of $22.95 to $108.65.
• Recent activity included insider selling and continued institutional interest, with insiders selling 313,597 shares last quarter and hedge funds such as Altshuler Shaham and Bank of America significantly increasing their stakes.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) was upgraded by analysts at Truist Financial to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

Several other research firms also recently commented on ENLT. UBS Group decreased their price target on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. JPMorgan Chase & Co. increased their target price on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an "underweight" rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on shares of Enlight Renewable Energy and gave the stock a "hold" rating in a report on Thursday, April 9th. Finally, Wall Street Zen downgraded shares of Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research report on Sunday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $68.14.

Enlight Renewable Energy Stock Performance

NASDAQ:ENLT opened at $90.25 on Monday. The stock has a 50 day simple moving average of $90.81 and a 200 day simple moving average of $75.10. The stock has a market cap of $10.70 billion, a P/E ratio of 209.89, a PEG ratio of 22.52 and a beta of 1.66. Enlight Renewable Energy has a 1-year low of $22.95 and a 1-year high of $108.65. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 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 $156.49 million for the quarter. Research analysts anticipate that Enlight Renewable Energy will post 0.28 earnings per share for the current year.

Insider Transactions at Enlight Renewable Energy

In other news, Director Shai Yeshayahu Weil sold 73,436 shares of the business's stock in a transaction that occurred on Monday, May 25th. The shares were sold at an average price of $93.68, for a total value of $6,879,484.48. Following the completion of the transaction, the director directly owned 396,655 shares in the company, valued at approximately $37,158,640.40. The trade was a 15.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Israeli Ayelet Cohen sold 10,123 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $108.50, for a total transaction of $1,098,345.50. Following the sale, the vice president owned 20,974 shares in the company, valued at $2,275,679. This represents a 32.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 313,597 shares of company stock worth $29,830,515.

Hedge Funds Weigh In On Enlight Renewable Energy

Several hedge funds and other institutional investors have recently modified their holdings of ENLT. Versant Capital Management Inc acquired a new position in shares of Enlight Renewable Energy during the 2nd quarter worth $34,000. Wealth High Governance Capital Ltda bought a new position in Enlight Renewable Energy in the first quarter valued at about $1,439,000. Wealth High Governance Asset Management Ltda. bought a new position in Enlight Renewable Energy in the first quarter valued at about $1,218,000. Bank of America Corp DE raised its stake in Enlight Renewable Energy by 376.4% during the first quarter. Bank of America Corp DE now owns 476,289 shares of the company's stock worth $32,511,000 after acquiring an additional 376,309 shares in the last quarter. Finally, Altshuler Shaham Ltd raised its stake in Enlight Renewable Energy by 705.5% during the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company's stock worth $311,645,000 after acquiring an additional 4,127,573 shares in the last quarter. Institutional investors own 38.89% of the company's stock.

About Enlight Renewable Energy

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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