Meitav Investment House Ltd. Sells 297,729 Shares of Enlight Renewable Energy Ltd. $ENLT

Meitav Investment House Ltd. cut its position in Enlight Renewable Energy Ltd. (NASDAQ:ENLT) by 7.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 3,686,566 shares of the company’s stock after selling 297,729 shares during the quarter. Enlight Renewable Energy accounts for approximately 2.7% of Meitav Investment House Ltd.’s investment portfolio, making the stock its 11th biggest holding. Meitav Investment House Ltd.’s holdings in Enlight Renewable Energy were worth $247,509,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Clal Insurance Enterprises Holdings Ltd increased its position in shares of Enlight Renewable Energy by 19.9% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 9,890,141 shares of the company’s stock valued at $448,589,000 after acquiring an additional 1,643,110 shares in the last quarter. Y.D. More Investments Ltd lifted its position in Enlight Renewable Energy by 4.5% in the 4th quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company’s stock valued at $264,965,000 after acquiring an additional 252,446 shares in the last quarter. Vanguard Group Inc. boosted its stake in Enlight Renewable Energy by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock valued at $225,058,000 after purchasing an additional 503,060 shares during the last quarter. Legal & General Group Plc boosted its stake in Enlight Renewable Energy by 2.8% during 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. Finally, Invesco Ltd. boosted its stake in Enlight Renewable Energy by 19.0% during the 4th quarter. Invesco Ltd. now owns 1,468,914 shares of the company’s stock valued at $66,777,000 after purchasing an additional 234,306 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Insider Activity at Enlight Renewable Energy

In related news, VP Israeli Ayelet Cohen sold 10,123 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $108.50, for a total transaction of $1,098,345.50. Following the completion of the transaction, the vice president owned 20,974 shares in the company, valued at approximately $2,275,679. This represents a 32.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ilan Goren sold 26,622 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the transaction, the insider directly owned 42,835 shares of the company’s stock, valued at $4,444,559.60. The trade was a 38.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 313,597 shares of company stock worth $29,830,515 in the last quarter.

Analysts Set New Price Targets

Several research firms have recently weighed in on ENLT. Wall Street Zen upgraded Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. JPMorgan Chase & Co. increased their price objective on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on Enlight Renewable Energy and gave the stock a “hold” rating in a research report on Thursday, April 9th. Finally, UBS Group lowered their target price on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $61.83.

Enlight Renewable Energy Stock Performance

NASDAQ ENLT traded down $7.72 on Tuesday, hitting $81.31. 108,378 shares of the company traded hands, compared to its average volume of 187,192. The business’s 50 day moving average price is $91.45 and its 200-day moving average price is $73.37. Enlight Renewable Energy Ltd. has a 52-week low of $22.95 and a 52-week high of $108.65. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $9.64 billion, a price-to-earnings ratio of 189.25, a P/E/G ratio of 30.53 and a beta of 1.66.

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

Enlight Renewable Energy 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.