Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down - Here's What Happened

Key Points

• Enlight Renewable Energy shares fell sharply at the open, dropping from a prior close of $72.51 to $68.70 before last trading near $69.07.
• Analyst sentiment is mixed: UBS, Truist and Barclays maintain positive ratings with price targets ranging from $89 to $115, while other firms issued Hold or Sell ratings. MarketBeat reports an overall “Hold” consensus and a $75 average target.
• The company reported quarterly earnings of $0.20 per share on $165.99 million in revenue, while institutional investors own 38.89% of its stock and an insider recently sold 2,221 shares.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $72.51, but opened at $68.70. Enlight Renewable Energy shares last traded at $69.0690, with a volume of 52,910 shares.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ENLT. UBS Group decreased their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. Truist Financial started coverage on shares of Enlight Renewable Energy in a report on Monday, July 13th. They issued a "buy" rating and a $106.00 target price on the stock. Barclays lifted their price target on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Weiss Ratings cut shares of Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, September 18th. Finally, Wall Street Zen downgraded shares of Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Enlight Renewable Energy currently has an average rating of "Hold" and a consensus target price of $75.00.

Enlight Renewable Energy Stock Performance

The firm has a 50 day moving average of $81.11 and a two-hundred day moving average of $83.25. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $8.11 billion, a PE ratio of 110.28, a PEG ratio of 57.49 and a beta of 1.65.

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

Insider Buying and Selling

In related news, insider Amit Paz sold 2,221 shares of Enlight Renewable Energy stock in a transaction on Monday, September 14th. The shares were sold at an average price of $73.94, for a total transaction of $164,220.74. Following the sale, the insider directly owned 277,462 shares in the company, valued at $20,515,540.28. This trade represents a 0.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Trading of Enlight Renewable Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC boosted its position in shares of Enlight Renewable Energy by 9.8% in the 2nd quarter. Tidal Investments LLC now owns 27,273 shares of the company's stock valued at $2,428,000 after purchasing an additional 2,427 shares during the period. Orion Capital Management LLC acquired a new position in Enlight Renewable Energy during the second quarter worth approximately $26,000. Navellier & Associates Inc. acquired a new position in Enlight Renewable Energy during the second quarter worth approximately $3,475,000. Public Employees Retirement System of Ohio purchased a new stake in Enlight Renewable Energy in the second quarter valued at approximately $751,000. Finally, Versant Capital Management Inc purchased a new stake in Enlight Renewable Energy in the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 38.89% of the company's stock.

Enlight Renewable Energy Company Profile

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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