Wealth High Governance Asset Management Ltda. Purchases Shares of 17,848 Enlight Renewable Energy Ltd. $ENLT

Key Points

• Wealth High Governance Asset Management acquired 17,848 shares of Enlight Renewable Energy during the first quarter, valued at approximately $1.22 million. Institutional investors collectively own 38.89% of the company.
• Enlight reported quarterly revenue of $156.49 million and earnings of $0.16 per share, while analysts expect full-year EPS of $0.28. The stock opened at $84.46, with a market capitalization of about $10.01 billion.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $75.00. Meanwhile, company insiders sold 313,597 shares worth approximately $29.83 million over the past three months.

Wealth High Governance Asset Management Ltda. bought a new position in shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,848 shares of the company's stock, valued at approximately $1,218,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in shares of Enlight Renewable Energy by 376.4% in the first quarter. Bank of America Corp DE now owns 476,289 shares of the company's stock worth $32,511,000 after buying an additional 376,309 shares during the period. Altshuler Shaham Ltd grew its stake in shares of Enlight Renewable Energy by 705.5% in the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company's stock valued at $311,645,000 after buying an additional 4,127,573 shares in the last quarter. Amundi grew its position in Enlight Renewable Energy by 13.8% in the first quarter. Amundi now owns 248,834 shares of the company's stock worth $16,985,000 after acquiring an additional 30,126 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Enlight Renewable Energy by 2.7% in the first quarter. Quantinno Capital Management LP now owns 6,506 shares of the company's stock worth $435,000 after purchasing an additional 170 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Enlight Renewable Energy during the 1st quarter worth about $2,305,000. Institutional investors and hedge funds own 38.89% of the company's stock.

Enlight Renewable Energy Stock Performance

Shares of NASDAQ:ENLT opened at $84.46 on Monday. The firm's 50 day simple moving average is $90.44 and its 200 day simple moving average is $78.80. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 196.42, a P/E/G ratio of 22.93 and a beta of 1.66. Enlight Renewable Energy Ltd. has a fifty-two week low of $22.95 and a fifty-two week high of $108.65. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.77 and a quick ratio of 0.77.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share (EPS) for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. The company had revenue of $156.49 million during the quarter. As a group, sell-side analysts forecast that Enlight Renewable Energy Ltd. will post 0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group lowered their price target on 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. Barclays boosted their price target on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Truist Financial initiated coverage on Enlight Renewable Energy in a report on Monday, July 13th. They issued a "buy" rating and a $106.00 target price for the company. 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 research report on Wednesday, May 6th. Finally, Wall Street Zen raised Enlight Renewable Energy from a "sell" rating to a "hold" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $75.00.

Insider Buying and Selling

In other news, Chairman Gilad Yavetz sold 100,000 shares of the company's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $91.78, for a total transaction of $9,178,000.00. Following the completion of the transaction, the chairman directly owned 846,436 shares of the company's stock, valued at $77,685,896.08. This represents a 10.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 directly owned 14,233 shares of the company's stock, valued at approximately $1,289,936.79. This trade represents a 61.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 313,597 shares of company stock valued at $29,830,515.

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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