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

Key Points

• Enlight Renewable Energy shares opened higher, rising from a prior close of $73.53 to $75.35 before later trading at $72.67, down 1.2%.
• Analyst sentiment is mixed: the consensus rating is “Hold” with an average price target of $75, while targets range from $89 to $115 and include both Buy and Sell ratings.
• The company reported quarterly revenue of $165.99 million and earnings of $0.20 per share; analysts expect full-year EPS of $0.35. Insider Amit Paz also sold 2,221 shares worth about $164,221.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $73.53, but opened at $75.35. Enlight Renewable Energy shares last traded at $72.67, with a volume of 46,775 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wall Street Zen cut Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. UBS Group reduced their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Truist Financial assumed coverage on shares of Enlight Renewable Energy in a research note on Monday, July 13th. They set a "buy" rating and a $106.00 target price on the stock. Weiss Ratings lowered shares of Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday. Finally, Barclays boosted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $75.00.

Enlight Renewable Energy Trading Down 1.2%

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 $8.61 billion, a PE ratio of 117.17, a P/E/G ratio of 58.91 and a beta of 1.65. The stock has a 50 day moving average price of $81.47 and a 200-day moving average price of $83.29.

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

Insider Activity at Enlight Renewable Energy

In other news, insider Amit Paz sold 2,221 shares of the company's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $73.94, for a total transaction of $164,220.74. Following the completion of the sale, the insider owned 277,462 shares of the company's stock, valued at $20,515,540.28. This represents a 0.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENLT. Tidal Investments LLC raised its position in Enlight Renewable Energy by 9.8% in the second quarter. Tidal Investments LLC now owns 27,273 shares of the company's stock worth $2,428,000 after acquiring an additional 2,427 shares during the period. Orion Capital Management LLC bought a new stake in shares of Enlight Renewable Energy during the 2nd quarter valued at $26,000. Navellier & Associates Inc. bought a new stake in shares of Enlight Renewable Energy during the 2nd quarter valued at $3,475,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Enlight Renewable Energy in the 2nd quarter worth $751,000. Finally, Versant Capital Management Inc purchased a new stake in shares of Enlight Renewable Energy in the 2nd quarter worth $34,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.