Enlight Renewable Energy (NASDAQ:ENLT) Stock Breaks Above 50-Day Moving Average - Here's Why

Key Points

• Enlight Renewable Energy shares moved above their 50-day average, trading as high as $71.39 and last at $70.52, though they remained below the 200-day average of $78.11.
• Analyst views are mixed: four rate the stock Buy, three Hold, and two Sell. The consensus rating is Hold, with an average price target of $74.86.
• The company reported quarterly EPS of $0.20, beating the $0.13 consensus estimate; revenue was $186.71 million, versus analysts’ expected $581.13 million.

Shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report) crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $70.40 and traded as high as $71.39. Enlight Renewable Energy shares last traded at $70.52, with a volume of 149,059 shares.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wall Street Zen cut Enlight Renewable Energy from a "hold" rating to a "sell" rating in a report on Sunday, October 25th. Mizuho cut their target price on Enlight Renewable Energy from $45.00 to $41.00 and set an "underperform" rating for the company in a research note on Tuesday, October 13th. Barclays upped their target price on Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Zacks Research cut shares of Enlight Renewable Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 6th. Finally, Truist Financial decreased their price target on shares of Enlight Renewable Energy from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Monday, September 28th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $74.86.

Enlight Renewable Energy Stock Up 0.8%

The stock has a market capitalization of $8.36 billion, a P/E ratio of 106.85, a PEG ratio of 15.80 and a beta of 1.72. The stock has a 50 day moving average price of $70.40 and a 200-day moving average price of $78.11. The company has a debt-to-equity ratio of 2.25, a current ratio of 0.75 and a quick ratio of 0.75.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. Enlight Renewable Energy had a return on equity of 3.59% and a net margin of 12.25%. The company had revenue of $186.71 million during the quarter, compared to analysts' expectations of $581.13 million. As a group, research analysts expect that Enlight Renewable Energy Ltd. will post 0.49 EPS for the current fiscal year.

Insider Buying and Selling at Enlight Renewable Energy

In other news, insider Ilan Goren sold 2,700 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $64.81, for a total value of $174,987.00. Following the transaction, the insider owned 40,135 shares in the company, valued at approximately $2,601,149.35. This trade represents a 6.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nir Yehuda sold 1,276 shares of Enlight Renewable Energy stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $66.40, for a total transaction of $84,726.40. Following the completion of the transaction, the chief financial officer directly owned 34,324 shares in the company, valued at approximately $2,279,113.60. The trade was a 3.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 10,526 shares of company stock worth $755,406.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors have recently added to or reduced their stakes in the company. Bleakley Financial Group LLC purchased a new position in shares of Enlight Renewable Energy in the first quarter valued at about $2,397,000. Navellier & Associates Inc. bought a new position in shares of Enlight Renewable Energy during the second quarter valued at about $3,475,000. Wealth High Governance Asset Management Ltda. purchased a new stake in shares of Enlight Renewable Energy during the first quarter worth about $1,218,000. Clal Insurance Enterprises Holdings Ltd boosted 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 purchasing an additional 1,797,936 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Enlight Renewable Energy by 376.4% during the first quarter. Bank of America Corp DE now owns 476,289 shares of the company's stock worth $32,511,000 after purchasing an additional 376,309 shares during the period. Hedge funds and other institutional investors 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 clean energy projects. Its portfolio includes solar and wind power facilities, as well as energy storage projects designed to support the integration of renewable electricity into power grids. Founded in Israel in 2008, the company has expanded beyond its home market to develop projects in the United States and Europe. Its activities span multiple stages of a project's life cycle, from identifying sites and securing permits to construction and ongoing operations.

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