Enlight Renewable Energy (NASDAQ:ENLT) Stock Falls 8% - Time to Sell?

Key Points

• Enlight Renewable Energy shares fell 8% to approximately $67.47, below both the 50-day and 200-day moving averages.
• Analyst sentiment is mixed: the stock carries an average “Hold” rating with a $74.86 price target, while target reductions from UBS and JPMorgan contrasted with upgrades from Zacks Research.
• The company reported quarterly EPS of $0.20 on $165.99 million in revenue. Insiders sold 10,526 shares worth approximately $755,406 over the past three months, reportedly to cover tax obligations from vested equity awards.

Enlight Renewable Energy Ltd. (NASDAQ:ENLT - Get Free Report)'s share price traded down 8% on Wednesday. The stock traded as low as $66.66 and last traded at $67.4650. Approximately 146,257 shares traded hands during trading, a decline of 22% from the average daily volume of 187,952 shares. The stock had previously closed at $73.30.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ENLT shares. UBS Group cut their target price on shares of 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. Weiss Ratings lowered Enlight Renewable Energy from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, September 18th. Wall Street Zen cut Enlight Renewable Energy from a "hold" rating to a "sell" rating in a research report on Sunday. Zacks Research upgraded Enlight Renewable Energy from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 6th. Finally, JPMorgan Chase & Co. decreased their target price on Enlight Renewable Energy from $80.00 to $65.00 and set an "underweight" rating on the stock in a report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $74.86.

Enlight Renewable Energy Price Performance

The company's 50-day simple moving average is $72.84 and its 200-day simple moving average is $77.33. 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 capitalization of $7.97 billion, a price-to-earnings ratio of 108.41, a P/E/G ratio of 22.57 and a beta of 1.70.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The company reported $0.20 earnings per share (EPS) for the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%. The business had revenue of $165.99 million during the quarter. Research analysts forecast that Enlight Renewable Energy Ltd. will post 0.39 earnings per share for the current fiscal year.

Insider Transactions at Enlight Renewable Energy

In other news, CFO Nir Yehuda sold 1,276 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $66.40, for a total value 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ilan Goren sold 2,700 shares of the business'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 transaction of $174,987.00. Following the transaction, the insider owned 40,135 shares of the company's stock, valued at approximately $2,601,149.35. This represents a 6.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 10,526 shares of company stock valued at $755,406.

Hedge Funds Weigh In On Enlight Renewable Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Orion Capital Management LLC bought a new stake in shares of Enlight Renewable Energy during the 2nd quarter worth $26,000. Versant Capital Management Inc bought a new position in shares of Enlight Renewable Energy in the second quarter worth about $34,000. State of Wyoming acquired a new stake in shares of Enlight Renewable Energy in the 1st quarter valued at approximately $41,000. GAMMA Investing LLC acquired a new stake in shares of Enlight Renewable Energy in the 3rd quarter valued at approximately $59,000. Finally, Walleye Capital LLC bought a new stake in shares of Enlight Renewable Energy during the 1st quarter valued at approximately $240,000. Institutional investors own 38.89% of the company's stock.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd. NASDAQ: ENLT is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its activities include utility-scale solar photovoltaic, wind power and energy storage projects.

The company manages projects across multiple stages of the renewable energy lifecycle, from development and permitting through construction and long-term operation. Its portfolio and development activities span Israel, the United States and selected European markets.

Founded in 1988, Enlight is headquartered in Israel and is also listed on the Tel Aviv Stock Exchange.

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