Bank of America Corp DE Has $32.51 Million Holdings in Enlight Renewable Energy Ltd. $ENLT

Key Points

• Bank of America increased its Enlight Renewable Energy stake by 376.4% in the first quarter, holding 476,289 shares worth approximately $32.51 million. Institutional investors and hedge funds collectively own 38.89% of the company.
• Analyst sentiment is mixed: the stock has an overall “Hold” rating and an average price target of $75, with targets ranging from $68 to $115. Ratings include one Strong Buy, three Buys, two Holds, and two Sells.
• Enlight reported quarterly revenue of $165.99 million and earnings of $0.20 per share, while shares recently traded at $85.44. Company insiders sold 169,137 shares worth about $16.59 million over the past 90 days.

Bank of America Corp DE boosted its stake in Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Free Report) by 376.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 476,289 shares of the company's stock after buying an additional 376,309 shares during the quarter. Bank of America Corp DE owned approximately 0.40% of Enlight Renewable Energy worth $32,511,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Altshuler Shaham Ltd lifted its holdings in shares of Enlight Renewable Energy by 705.5% during the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company's stock valued at $311,645,000 after acquiring an additional 4,127,573 shares during the period. Amundi grew its holdings in shares of Enlight Renewable Energy by 13.8% in the 1st quarter. Amundi now owns 248,834 shares of the company's stock worth $16,985,000 after purchasing an additional 30,126 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of Enlight Renewable Energy by 2.7% in the 1st quarter. Quantinno Capital Management LP now owns 6,506 shares of the company's stock worth $435,000 after purchasing an additional 170 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Enlight Renewable Energy during the 1st quarter worth about $2,305,000. Finally, Public Employees Retirement System of Ohio increased its position in shares of Enlight Renewable Energy by 0.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 48,095 shares of the company's stock worth $3,185,000 after purchasing an additional 127 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. UBS Group reduced 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 report on Tuesday, July 7th. Wall Street Zen lowered shares of Enlight Renewable Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Truist Financial assumed 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 boosted their target price on Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an "overweight" rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. increased their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an "underweight" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $75.00.

Insider Transactions at Enlight Renewable Energy

In other Enlight Renewable Energy news, VP Lisa Haimovitz sold 5,436 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $99.30, for a total value of $539,794.80. Following the transaction, the vice president directly owned 13,026 shares in the company, valued at approximately $1,293,481.80. This trade represents a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Israeli Ayelet Cohen sold 10,123 shares of Enlight Renewable Energy stock in a transaction on Monday, June 1st. The shares were 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 $2,275,679. This trade represents a 32.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 169,137 shares of company stock worth $16,587,962 over the last ninety days.

Enlight Renewable Energy Trading Down 0.7%

Shares of NASDAQ ENLT opened at $85.44 on Friday. Enlight Renewable Energy Ltd. has a 1-year low of $25.32 and a 1-year high of $108.65. The company has a market cap of $10.13 billion, a PE ratio of 137.81, a P/E/G ratio of 66.80 and a beta of 1.68. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.31. The company has a 50-day moving average of $87.34 and a two-hundred day moving average of $80.86.

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

Enlight Renewable Energy 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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