Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down on Analyst Downgrade

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price gapped down prior to trading on Tuesday after UBS Group lowered their price target on the stock from $123.00 to $115.00. The stock had previously closed at $89.03, but opened at $82.88. UBS Group currently has a buy rating on the stock. Enlight Renewable Energy shares last traded at $82.4240, with a volume of 38,209 shares changing hands.

Several other equities analysts also recently weighed in on ENLT. Wall Street Zen raised Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Weiss Ratings restated a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on Enlight Renewable Energy and gave the company a “hold” rating in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Enlight Renewable Energy has a consensus rating of “Hold” and a consensus price target of $61.83.

Insider Buying and Selling at Enlight Renewable Energy

In other Enlight Renewable Energy news, SVP Meron Carr sold 3,329 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $103.44, for a total value of $344,351.76. Following the sale, the senior vice president directly owned 42,465 shares of the company’s stock, valued at approximately $4,392,579.60. This trade represents a 7.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Israeli Ayelet Cohen sold 10,123 shares of Enlight Renewable Energy stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $108.50, for a total value of $1,098,345.50. Following the completion of the sale, the vice president owned 20,974 shares of the company’s stock, valued at $2,275,679. This trade represents a 32.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 313,597 shares of company stock valued at $29,830,515.

Institutional Trading of Enlight Renewable Energy

Institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its holdings in shares of Enlight Renewable Energy by 0.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 48,095 shares of the company’s stock worth $3,185,000 after buying an additional 127 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Enlight Renewable Energy by 2.7% in the first quarter. Quantinno Capital Management LP now owns 6,506 shares of the company’s stock valued at $435,000 after acquiring an additional 170 shares during the last quarter. Advisors Asset Management Inc. grew its position in Enlight Renewable Energy by 0.9% during the fourth quarter. Advisors Asset Management Inc. now owns 26,865 shares of the company’s stock valued at $1,221,000 after acquiring an additional 251 shares during the period. Versant Capital Management Inc acquired a new stake in Enlight Renewable Energy during the second quarter worth about $34,000. Finally, Mariner LLC increased its stake in Enlight Renewable Energy by 4.1% during the third quarter. Mariner LLC now owns 10,070 shares of the company’s stock worth $314,000 after acquiring an additional 396 shares during the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

Enlight Renewable Energy Price Performance

The company has a 50 day simple moving average of $91.45 and a 200 day simple moving average of $73.37. The company has a market capitalization of $9.71 billion, a price-to-earnings ratio of 190.40, a price-to-earnings-growth ratio of 30.53 and a beta of 1.66. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. The business had revenue of $156.49 million for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%. As a group, research analysts predict that Enlight Renewable Energy Ltd. will post 0.29 EPS for the current year.

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.