Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up - Here's Why

Key Points

• Enlight Renewable Energy shares opened higher, rising from a $69.55 close to $72.37 before trading at approximately $72.29.
• Analyst sentiment is mixed: the stock has an average rating of “Hold” and a consensus price target of $75, despite buy ratings and targets as high as $115.
• The company reported quarterly revenue of $165.99 million and earnings of $0.20 per share, while institutional investors increased holdings; insiders, however, recorded a modest share sale.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $69.55, but opened at $72.37. Enlight Renewable Energy shares last traded at $72.2850, with a volume of 19,963 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ENLT. UBS Group lowered their price target on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Weiss Ratings raised shares of Enlight Renewable Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, September 3rd. Truist Financial assumed 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 for the company. Barclays lifted their price target on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Finally, Wall Street Zen lowered Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. One equities research 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $75.00.

Enlight Renewable Energy Stock Performance

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 capitalization of $8.55 billion, a price-to-earnings ratio of 116.53, a PEG ratio of 57.17 and a beta of 1.65. The stock's 50 day moving average is $82.48 and its 200 day moving average is $83.20.

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

Insider Buying and Selling

In other Enlight Renewable Energy news, insider Amit Paz sold 2,221 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $73.94, for a total transaction of $164,220.74. Following the completion of the transaction, the insider owned 277,462 shares of the company's stock, valued at approximately $20,515,540.28. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Trading of Enlight Renewable Energy

Large investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd raised its stake in 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 purchasing an additional 4,127,573 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd grew its holdings in shares of Enlight Renewable Energy by 18.2% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company's stock worth $774,113,000 after buying an additional 1,797,936 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Enlight Renewable Energy by 68.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company's stock worth $66,126,000 after buying an additional 404,304 shares in the last quarter. Norges Bank acquired a new position in shares of Enlight Renewable Energy in the fourth quarter valued at approximately $17,875,000. Finally, Bank of America Corp DE raised 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 valued at $32,511,000 after buying an additional 376,309 shares during the last quarter. Institutional investors and hedge funds own 38.89% of the company's stock.

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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