Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Here’s What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $16.69, but opened at $17.07. Enlight Renewable Energy shares last traded at $17.10, with a volume of 2,379 shares changing hands.

Analyst Upgrades and Downgrades

ENLT has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Enlight Renewable Energy in a report on Thursday, March 6th. They issued a “buy” rating and a $22.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Barclays upped their target price on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Wolfe Research lowered Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Enlight Renewable Energy Stock Performance

The company’s fifty day simple moving average is $16.83 and its two-hundred day simple moving average is $16.37. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 47.25 and a beta of 1.38. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. The business had revenue of $114.21 million during the quarter, compared to the consensus estimate of $289.04 million. Equities research analysts predict that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Y.D. More Investments Ltd raised its position in Enlight Renewable Energy by 18.6% in the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock worth $53,043,000 after acquiring an additional 482,129 shares in the last quarter. Phoenix Financial Ltd. lifted its position in shares of Enlight Renewable Energy by 42.2% during the 4th quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock valued at $21,634,000 after acquiring an additional 372,403 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Enlight Renewable Energy by 4.2% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after acquiring an additional 353,750 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Enlight Renewable Energy in the 3rd quarter worth $4,901,000. Finally, Meitav Investment House Ltd. raised its position in shares of Enlight Renewable Energy by 4.0% during the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after purchasing an additional 229,255 shares during the period. Institutional investors and hedge funds own 38.89% of the company’s stock.

About Enlight Renewable Energy

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.