Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Down 6.3% – Here’s What Happened

Shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT) fell 6.3% on Friday . The company traded as low as $71.38 and last traded at $71.9650. 61,256 shares changed hands during trading, a decline of 58% from the average session volume of 146,963 shares. The stock had previously closed at $76.84.

Analyst Ratings Changes

Several research firms have recently issued reports on ENLT. Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday, December 29th. UBS Group upped their price target on shares of Enlight Renewable Energy to $65.00 and gave the stock a “buy” rating in a research report on Friday, January 16th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $38.00 price target on shares of Enlight Renewable Energy in a report on Wednesday, January 7th. Mizuho set a $37.00 price objective on Enlight Renewable Energy in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $35.00 price objective on shares of Enlight Renewable Energy in a research note on Monday, December 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enlight Renewable Energy has an average rating of “Hold” and an average price target of $43.50.

Enlight Renewable Energy Trading Down 7.6%

The firm has a market capitalization of $8.42 billion, a price-to-earnings ratio of 69.73, a PEG ratio of 10.32 and a beta of 1.29. The business’s 50-day moving average price is $64.16 and its 200 day moving average price is $45.92. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.67 and a quick ratio of 0.88.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, February 17th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.17. Enlight Renewable Energy had a net margin of 22.69% and a return on equity of 7.35%. The business had revenue of $124.19 million during the quarter, compared to analyst estimates of $146.12 million. On average, equities analysts forecast that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enlight Renewable Energy

Several hedge funds and other institutional investors have recently bought and sold shares of ENLT. BNP Paribas Financial Markets raised its position in shares of Enlight Renewable Energy by 256.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after purchasing an additional 881 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Enlight Renewable Energy in the fourth quarter worth $56,000. Savant Capital LLC bought a new stake in shares of Enlight Renewable Energy in the fourth quarter worth $241,000. Bank of Montreal Can raised its holdings in Enlight Renewable Energy by 6.4% in the second quarter. Bank of Montreal Can now owns 11,021 shares of the company’s stock valued at $251,000 after acquiring an additional 660 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Enlight Renewable Energy by 6.0% during the 2nd quarter. Jane Street Group LLC now owns 11,366 shares of the company’s stock valued at $258,000 after acquiring an additional 641 shares during the last quarter. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

Enlight Renewable Energy Company Profile

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.