Assenagon Asset Management S.A. Reduces Stock Position in Enlight Renewable Energy Ltd. $ENLT

Key Points

• Assenagon Asset Management cut its Enlight Renewable Energy position by 98.2% in the second quarter, selling 496,595 shares and retaining 9,197 shares worth approximately $812,000.
• Analyst views remain mixed: the stock has an average “Hold” rating and a consensus price target of $75, despite price targets ranging from $68 to $106.
• ENLT shares opened at $85.44, while insiders sold 169,137 shares worth roughly $16.6 million over the past 90 days. The company reported quarterly EPS of $0.20 on revenue of $165.99 million.

Assenagon Asset Management S.A. trimmed its position in shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Free Report) by 98.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,197 shares of the company's stock after selling 496,595 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Enlight Renewable Energy were worth $812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Amundi increased its holdings in Enlight Renewable Energy by 2.3% during the first quarter. Amundi now owns 74,681 shares of the company's stock valued at $1,160,000 after buying an additional 1,647 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Enlight Renewable Energy by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 108,157 shares of the company's stock valued at $2,458,000 after acquiring an additional 773 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Enlight Renewable Energy during the 2nd quarter valued at $815,000. First Trust Advisors LP increased 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 purchasing an additional 6,201 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of 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 worth $6,348,000 after purchasing an additional 24,653 shares in the last quarter. Hedge funds and other institutional investors own 38.89% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ENLT. Wall Street Zen downgraded Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded Enlight Renewable Energy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 4th. 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 report on Wednesday, May 6th. Truist Financial assumed coverage on shares of Enlight Renewable Energy in a research note on Monday, July 13th. They set a "buy" rating and a $106.00 target price on the stock. Finally, Barclays raised their price objective on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $75.00.

Insider Transactions at Enlight Renewable Energy

In related news, SVP Meron Carr sold 3,329 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $103.44, for a total value of $344,351.76. Following the completion of the transaction, the senior vice president owned 42,465 shares of the company's stock, valued at approximately $4,392,579.60. This trade represents a 7.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yitzhak Betzalel sold 2,062 shares of Enlight Renewable Energy stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $103.64, for a total value of $213,705.68. Following the completion of the transaction, the director owned 2 shares of the company's stock, valued at approximately $207.28. This represents a 99.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 169,137 shares of company stock worth $16,587,962.

Enlight Renewable Energy Stock Down 0.7%

Shares of ENLT stock opened at $85.44 on Friday. The company's fifty day simple moving average is $87.34 and its two-hundred day simple moving average is $80.86. Enlight Renewable Energy Ltd. has a 52 week low of $25.32 and a 52 week high of $108.65. The stock has a market cap of $10.13 billion, a P/E ratio of 137.81, a PEG ratio of 66.80 and a beta of 1.68. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.31.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. The firm had revenue of $165.99 million during the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%. Analysts predict that Enlight Renewable Energy Ltd. will post 0.35 EPS for the current fiscal year.

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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