Enlight Renewable Energy Ltd (NASDAQ:ENLT) Short Interest Down 27.0% in May

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) saw a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 85,200 shares, a drop of 27.0% from the April 30th total of 116,700 shares. Based on an average daily volume of 15,000 shares, the days-to-cover ratio is presently 5.7 days. Approximately 0.1% of the shares of the company are sold short.

Enlight Renewable Energy Stock Performance

ENLT traded up $0.19 during trading hours on Tuesday, reaching $19.66. The company's stock had a trading volume of 7,886 shares, compared to its average volume of 15,958. Enlight Renewable Energy has a 52 week low of $14.01 and a 52 week high of $20.27. The company's 50-day moving average is $16.81 and its 200-day moving average is $16.72. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22. The firm has a market cap of $2.27 billion, a PE ratio of 54.61 and a beta of 1.24.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.24. The company had revenue of $129.87 million for the quarter, compared to analysts' expectations of $396.61 million. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. On average, equities analysts forecast that Enlight Renewable Energy will post 0.41 EPS for the current year.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds have recently made changes to their positions in ENLT. USS Investment Management Ltd increased its holdings in Enlight Renewable Energy by 53.6% in the first quarter. USS Investment Management Ltd now owns 87,757 shares of the company's stock valued at $1,418,000 after purchasing an additional 30,642 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Enlight Renewable Energy by 70.7% in the first quarter. Advisors Asset Management Inc. now owns 27,565 shares of the company's stock worth $445,000 after acquiring an additional 11,414 shares during the period. Amundi lifted its stake in shares of Enlight Renewable Energy by 2.3% in the first quarter. Amundi now owns 74,681 shares of the company's stock worth $1,160,000 after acquiring an additional 1,647 shares during the period. Canada Pension Plan Investment Board lifted its stake in shares of Enlight Renewable Energy by 131.6% in the first quarter. Canada Pension Plan Investment Board now owns 255,136 shares of the company's stock worth $4,064,000 after acquiring an additional 144,980 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Enlight Renewable Energy in the first quarter worth approximately $1,597,000. 38.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ENLT shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Enlight Renewable Energy in a research report on Thursday, March 6th. They set a "buy" rating and a $22.00 target price on the stock. Wolfe Research downgraded shares of Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.25.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.