Enlight Renewable Energy (NASDAQ:ENLT) Insider Sells 4,329 Shares of Stock

Key Points

• Insider sale: Amit Paz sold 4,329 Enlight Renewable Energy shares for approximately $331,472 at an average price of $76.57, reducing his ownership by 1.52% to 279,683 shares.
• Stock performance and valuation: ENLT recently traded at $72.87, below its 50- and 200-day moving averages of roughly $83, while carrying a high price-to-earnings ratio of 117.70.
• Mixed analyst outlook: Analysts have assigned the stock an average “Hold” rating and a consensus price target of $75, despite several buy ratings and continued institutional ownership, which stands at 38.89%.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) insider Amit Paz sold 4,329 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $76.57, for a total value of $331,471.53. Following the completion of the transaction, the insider directly owned 279,683 shares of the company's stock, valued at approximately $21,415,327.31. This represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Enlight Renewable Energy Price Performance

ENLT traded down $1.35 on Monday, hitting $72.87. 93,655 shares of the company's stock were exchanged, compared to its average volume of 184,993. The firm has a 50-day moving average price of $83.05 and a 200-day moving average price of $83.17. 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 stock has a market cap of $8.64 billion, a price-to-earnings ratio of 117.70, a P/E/G ratio of 58.03 and a beta of 1.65. Enlight Renewable Energy Ltd. has a fifty-two week low of $28.03 and a fifty-two week high of $108.65.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on ENLT shares. Wall Street Zen downgraded shares of Enlight Renewable Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. UBS Group lowered their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Weiss Ratings upgraded Enlight Renewable Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, September 3rd. Barclays upped their price target on Enlight Renewable Energy from $83.00 to $89.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Finally, Truist Financial assumed coverage on Enlight Renewable Energy in a report on Monday, July 13th. They set a "buy" rating and a $106.00 price target for the company. 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $75.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Enlight Renewable Energy by 18.2% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company's stock valued at $774,113,000 after buying an additional 1,797,936 shares in the last quarter. Altshuler Shaham Ltd lifted its stake in Enlight Renewable Energy by 705.5% during the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company's stock worth $311,645,000 after acquiring an additional 4,127,573 shares in the last quarter. Legal & General Group Plc boosted its holdings in Enlight Renewable Energy by 2.8% during the 3rd quarter. Legal & General Group Plc now owns 1,920,888 shares of the company's stock valued at $59,253,000 after acquiring an additional 53,103 shares during the period. Invesco Ltd. grew its position in Enlight Renewable Energy by 19.0% in the 4th quarter. Invesco Ltd. now owns 1,468,914 shares of the company's stock valued at $66,777,000 after acquiring an additional 234,306 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Enlight Renewable Energy by 68.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company's stock valued at $66,126,000 after acquiring an additional 404,304 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates utility-scale clean energy projects. Its activities focus primarily on solar photovoltaic, wind energy and energy storage systems, with projects designed to generate electricity and support the reliability and flexibility of power grids.

The company manages projects across multiple stages of the renewable energy value chain, including site development, permitting, power purchase arrangements, construction and long-term operation.

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