Norges Bank Makes New Investment in Enlight Renewable Energy Ltd. $ENLT

Key Points

• Norges Bank opened a new position in Enlight Renewable Energy, buying 393,418 shares worth about $17.9 million in the fourth quarter.
• The stock has rallied sharply, recently opening at $97.75 with a 1-year range of $18.22 to $108.65, while analysts currently have a Hold consensus and an average price target of $63.17.
• Insiders have been selling shares recently, including director Michal Tzuk and VP Ayelet Cohen, and the company said insiders sold a total of 313,597 shares worth about $29.8 million over the last three months.

Norges Bank bought a new position in Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 393,418 shares of the company's stock, valued at approximately $17,875,000.

Several other large investors have also bought and sold shares of the company. Mariner LLC lifted its position in Enlight Renewable Energy by 4.1% in the 3rd quarter. Mariner LLC now owns 10,070 shares of the company's stock valued at $314,000 after acquiring an additional 396 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Enlight Renewable Energy by 1.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 45,693 shares of the company's stock valued at $1,409,000 after acquiring an additional 472 shares in the last quarter. Jane Street Group LLC lifted its position in Enlight Renewable Energy by 6.0% in the 2nd quarter. Jane Street Group LLC now owns 11,366 shares of the company's stock valued at $258,000 after acquiring an additional 641 shares in the last quarter. Geode Capital Management LLC lifted its position in Enlight Renewable Energy by 0.7% in 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 in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Enlight Renewable Energy by 256.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company's stock valued at $28,000 after acquiring an additional 881 shares in the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

Enlight Renewable Energy Price Performance

Shares of ENLT opened at $97.75 on Wednesday. The firm has a market cap of $11.59 billion, a PE ratio of 227.33, a P/E/G ratio of 34.44 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 firm has a fifty day simple moving average of $86.56 and a two-hundred day simple moving average of $66.80. Enlight Renewable Energy Ltd. has a 1-year low of $18.22 and a 1-year high of $108.65.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price objective 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. Barclays reaffirmed an "overweight" rating on shares of Enlight Renewable Energy in a research report on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on shares of Enlight Renewable Energy and gave the company a "hold" rating in a research note on Thursday, April 9th. Mizuho set a $37.00 target price on shares of Enlight Renewable Energy in a research note on Monday, February 23rd. Finally, UBS Group boosted their target price on shares of Enlight Renewable Energy from $105.00 to $123.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Three 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. According to MarketBeat.com, Enlight Renewable Energy has a consensus rating of "Hold" and an average price target of $63.17.

Insider Transactions at Enlight Renewable Energy

In other news, Director Michal Tzuk sold 2,400 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $105.86, for a total value of $254,064.00. Following the completion of the sale, the director directly owned 2,712 shares in the company, valued at $287,092.32. This represents a 46.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Israeli Ayelet Cohen sold 10,123 shares of the company's 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 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 sold a total of 313,597 shares of company stock worth $29,830,515 over the last three months.

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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