Meitav Investment House Ltd. Sells 297,729 Shares of Enlight Renewable Energy Ltd. $ENLT

Key Points

• Meitav Investment House Ltd. reduced its stake in Enlight Renewable Energy by 7.5% in the first quarter, selling 297,729 shares and leaving it with 3.69 million shares worth about $247.5 million.
• Insider selling has been notable, with VP Israeli Ayelet Cohen and insider Ilan Goren recently selling shares; over the last 90 days, insiders sold 313,597 shares valued at $29.8 million.
• ENLT shares fell 8.7% to $81.31, while analysts currently rate the stock a consensus Hold with an average target price of $61.83.

Meitav Investment House Ltd. lessened its stake in shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Free Report) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,686,566 shares of the company's stock after selling 297,729 shares during the quarter. Enlight Renewable Energy makes up approximately 2.7% of Meitav Investment House Ltd.'s portfolio, making the stock its 11th biggest position. Meitav Investment House Ltd. owned 3.11% of Enlight Renewable Energy worth $247,509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets raised its holdings in Enlight Renewable Energy by 256.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company's stock valued at $28,000 after buying an additional 881 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Enlight Renewable Energy in the 4th quarter worth $56,000. Savant Capital LLC purchased a new position in shares of Enlight Renewable Energy in the fourth quarter valued at about $241,000. Mackenzie Financial Corp purchased a new position in shares of Enlight Renewable Energy in the fourth quarter valued at about $277,000. Finally, AQR Capital Management LLC bought a new position in shares of Enlight Renewable Energy during the fourth quarter valued at about $283,000. Institutional investors own 38.89% of the company's stock.

Insider Activity

In other news, VP Israeli Ayelet Cohen sold 10,123 shares of the business's stock in a transaction that occurred 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 sale, the vice president directly owned 20,974 shares of the company's stock, valued at $2,275,679. The trade was a 32.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ilan Goren sold 26,622 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $103.76, for a total value of $2,762,298.72. Following the completion of the sale, the insider owned 42,835 shares in the company, valued at $4,444,559.60. The trade was a 38.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 313,597 shares of company stock valued at $29,830,515.

Enlight Renewable Energy Stock Down 8.7%

Shares of Enlight Renewable Energy stock traded down $7.72 during trading on Tuesday, hitting $81.31. The company's stock had a trading volume of 108,378 shares, compared to its average volume of 187,192. Enlight Renewable Energy Ltd. has a 52 week low of $22.95 and a 52 week high of $108.65. The company has a market capitalization of $9.64 billion, a PE ratio of 189.25, a P/E/G ratio of 30.53 and a beta of 1.66. The company has a fifty day simple moving average of $91.45 and a two-hundred day simple moving average of $73.37. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.77 and a current ratio of 0.77.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 EPS for the quarter. The business had revenue of $156.49 million for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. Equities research analysts predict that Enlight Renewable Energy Ltd. will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

ENLT has been the subject of a number of analyst reports. 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. Weiss Ratings restated a "hold (c)" rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. JPMorgan Chase & Co. upped their price target on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an "underweight" rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Enlight Renewable Energy from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Finally, UBS Group cut their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $61.83.

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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