Assenagon Asset Management S.A. Has $33.53 Million Position in Enlight Renewable Energy Ltd. $ENLT

Key Points

• Assenagon Asset Management significantly increased its stake in Enlight Renewable Energy in Q1, boosting holdings by 121.2% to 505,792 shares worth about $33.53 million.
• The stock has been volatile but strong overall, recently trading at $86.31 versus a 52-week range of $22.61 to $108.65, with a market cap of about $10.23 billion.
• Analysts are mixed on ENLT: UBS raised its price target to $123 and kept a buy rating, while the broader consensus remains Hold with an average target of $63.17; meanwhile, insiders have sold shares over the past 90 days.

Assenagon Asset Management S.A. grew its holdings in Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Free Report) by 121.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 505,792 shares of the company's stock after buying an additional 277,179 shares during the quarter. Assenagon Asset Management S.A. owned 0.43% of Enlight Renewable Energy worth $33,527,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Amundi lifted its stake in Enlight Renewable Energy by 2.3% during the first quarter. Amundi now owns 74,681 shares of the company's stock worth $1,160,000 after purchasing an additional 1,647 shares during the period. Geode Capital Management LLC raised its holdings in shares of Enlight Renewable Energy by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 108,157 shares of the company's stock worth $2,458,000 after buying an additional 773 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Enlight Renewable Energy during the 2nd quarter worth approximately $815,000. First Trust Advisors LP lifted its position in shares of Enlight Renewable Energy by 9.6% during the 2nd quarter. First Trust Advisors LP now owns 70,516 shares of the company's stock worth $1,600,000 after buying an additional 6,201 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in Enlight Renewable Energy by 9.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 279,789 shares of the company's stock valued at $6,348,000 after buying an additional 24,653 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Enlight Renewable Energy Stock Performance

Shares of NASDAQ ENLT opened at $86.31 on Friday. The stock has a 50 day moving average price of $91.01 and a 200 day moving average price of $71.16. Enlight Renewable Energy Ltd. has a 52 week low of $22.61 and a 52 week high of $108.65. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market capitalization of $10.23 billion, a PE ratio of 200.74, a price-to-earnings-growth ratio of 32.03 and a beta of 1.56.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 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%. Analysts predict that Enlight Renewable Energy Ltd. will post 0.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on ENLT. UBS Group lifted their price target on shares of Enlight Renewable Energy from $105.00 to $123.00 and gave the company a "buy" rating in a report on Friday, May 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Enlight Renewable Energy from a "sell" rating to a "hold" rating in a research report on Saturday, June 6th. Deutsche Bank Aktiengesellschaft set a $65.00 price target on shares of Enlight Renewable Energy and gave the company a "hold" rating in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. boosted their price objective 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. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $63.17.

Insider Activity

In other news, Vice Chairman Yair Seroussi sold 22,505 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $90.63, for a total value of $2,039,628.15. Following the transaction, the insider owned 14,233 shares of the company's stock, valued at approximately $1,289,936.79. This represents a 61.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Shai Yeshayahu Weil sold 73,436 shares of the stock in a transaction that occurred on Monday, May 25th. The stock was sold at an average price of $93.68, for a total value of $6,879,484.48. Following the transaction, the director owned 396,655 shares in the company, valued at approximately $37,158,640.40. This trade represents a 15.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 313,597 shares of company stock valued at $29,830,515.

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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