Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 8% Following Insider Selling

Key Points

• Enlight Renewable Energy fell 8% after insider selling, with the stock dropping to around $96 from a previous close of $104.56.
• VP Israeli Ayelet Cohen sold 10,123 shares for about $1.1 million, while other insiders, including VP Lisa Haimovitz and Director Alla Felder, also sold shares recently.
• Analysts are mixed on the stock: UBS raised its target to $123 and kept a buy rating, but the overall consensus remains Hold with an average target price of $63.17.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) was down 8% on Wednesday after an insider sold shares in the company. The company traded as low as $95.68 and last traded at $96.23. Approximately 162,721 shares changed hands during mid-day trading, a decline of 1% from the average daily volume of 164,348 shares. The stock had previously closed at $104.56.

Specifically, VP Israeli Ayelet Cohen sold 10,123 shares of Enlight Renewable Energy stock in a transaction on Monday, June 1st. The stock was sold at an average price of $108.50, for a total value of $1,098,345.50. Following the completion of the sale, the vice president directly owned 20,974 shares of the company's stock, valued at approximately $2,275,679. The trade was a 32.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Lisa Haimovitz sold 746 shares of Enlight Renewable Energy stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $103.88, for a total value of $77,494.48. Following the completion of the sale, the vice president directly owned 13,026 shares of the company's stock, valued at $1,353,140.88. The trade was a 5.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In related news, Director Alla Felder sold 2,500 shares of Enlight Renewable Energy stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $102.48, for a total value of $256,200.00. Following the completion of the transaction, the director directly owned 2,612 shares in the company, valued at approximately $267,677.76. This trade represents a 48.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

ENLT has been the subject of a number of recent research reports. UBS Group lifted their target price on Enlight Renewable Energy from $105.00 to $123.00 and gave the company a "buy" rating in a report on Friday, May 29th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on Enlight Renewable Energy and gave the company a "hold" rating in a report on Thursday, April 9th. Mizuho set a $37.00 target price on Enlight Renewable Energy in a report on Monday, February 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. Finally, Barclays reiterated an "overweight" rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $63.17.

Enlight Renewable Energy Price Performance

The company has a market capitalization of $11.44 billion, a PE ratio of 224.38, a P/E/G ratio of 38.12 and a beta of 1.56. 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 stock has a fifty day simple moving average of $83.54 and a 200-day simple moving average of $64.32.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share (EPS) for the quarter. The company 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%. Equities analysts anticipate that Enlight Renewable Energy Ltd. will post 0.29 earnings per share for the current year.

Institutional Trading of Enlight Renewable Energy

A number of institutional investors have recently bought and sold shares of the business. State of Wyoming acquired a new stake in shares of Enlight Renewable Energy during the first quarter worth about $41,000. BNP Paribas Financial Markets increased its position in shares of Enlight Renewable Energy by 256.1% during the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company's stock worth $28,000 after purchasing an additional 881 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Enlight Renewable Energy during the fourth quarter worth about $56,000. Walleye Capital LLC acquired a new stake in shares of Enlight Renewable Energy during the first quarter worth about $240,000. Finally, Savant Capital LLC acquired a new stake in shares of Enlight Renewable Energy during the fourth quarter worth about $241,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

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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