Enlight Renewable Energy (NASDAQ:ENLT) Reaches New 1-Year High – Still a Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $63.86 and last traded at $63.71, with a volume of 177131 shares changing hands. The stock had previously closed at $61.94.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $38.00 target price on shares of Enlight Renewable Energy in a research note on Wednesday, January 7th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $35.00 price objective on shares of Enlight Renewable Energy in a research report on Monday, December 8th. Barclays lifted their price objective on shares of Enlight Renewable Energy from $34.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. UBS Group boosted their target price on shares of Enlight Renewable Energy to $65.00 and gave the stock a “buy” rating in a research note on Friday, January 16th. Finally, Roth Mkm increased their target price on Enlight Renewable Energy from $30.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $41.83.

Enlight Renewable Energy Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.91. The firm’s fifty day moving average price is $49.57 and its 200-day moving average price is $37.69. The firm has a market cap of $7.36 billion, a price-to-earnings ratio of 66.36 and a beta of 1.42.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.09. The firm had revenue of $165.06 million during the quarter, compared to analysts’ expectations of $146.04 million. Enlight Renewable Energy had a net margin of 22.60% and a return on equity of 7.41%. Analysts expect that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd lifted its stake in Enlight Renewable Energy by 2.1% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,247,031 shares of the company’s stock valued at $253,986,000 after buying an additional 173,009 shares during the last quarter. Y.D. More Investments Ltd grew its position in shares of Enlight Renewable Energy by 4.5% during the fourth quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company’s stock worth $264,965,000 after acquiring an additional 252,446 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Enlight Renewable Energy by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock valued at $225,058,000 after acquiring an additional 503,060 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in Enlight Renewable Energy by 3.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,722,610 shares of the company’s stock valued at $84,837,000 after purchasing an additional 103,430 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Enlight Renewable Energy by 2.8% in the 3rd quarter. Legal & General Group Plc now owns 1,920,888 shares of the company’s stock valued at $59,253,000 after purchasing an additional 53,103 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.