Enlight Renewable Energy (NASDAQ:ENLT) Given New $102.00 Price Target at Truist Financial

Enlight Renewable Energy (NASDAQ:ENLT) had its price target reduced by equities researchers at Truist Financial from $104.00 to $102.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial‘s target price indicates a potential upside of 54.29% from the company’s current price.

Several other analysts have also weighed in on the stock. Weiss Ratings lowered shares of Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 18th. Mizuho reduced their target price on Enlight Renewable Energy from $45.00 to $41.00 and set an “underperform” rating on the stock in a report on Tuesday, October 13th. JPMorgan Chase & Co. reduced their target price on Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating on the stock in a report on Monday, October 19th. Zacks Research lowered Enlight Renewable Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 6th. Finally, Wall Street Zen cut Enlight Renewable Energy from a “hold” rating to a “sell” rating in a report on Sunday, October 25th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $79.50.

Enlight Renewable Energy Trading Down 2.6%

Shares of ENLT stock opened at $66.11 on Friday. Enlight Renewable Energy has a 12-month low of $34.55 and a 12-month high of $108.65. The company has a market capitalization of $7.84 billion, a P/E ratio of 100.17, a P/E/G ratio of 15.33 and a beta of 1.72. The firm has a 50-day moving average price of $70.08 and a 200 day moving average price of $78.22. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.25.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $186.71 million for the quarter, compared to analyst estimates of $581.13 million. Enlight Renewable Energy had a net margin of 12.25% and a return on equity of 3.59%. Research analysts forecast that Enlight Renewable Energy will post 0.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Enlight Renewable Energy

In other news, CFO Nir Yehuda sold 1,276 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $66.40, for a total transaction of $84,726.40. Following the completion of the sale, the chief financial officer owned 34,324 shares in the company, valued at $2,279,113.60. The trade was a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ilan Goren sold 2,700 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $64.81, for a total value of $174,987.00. Following the transaction, the insider directly owned 40,135 shares in the company, valued at $2,601,149.35. This trade represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 10,526 shares of company stock worth $755,406.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd raised its holdings in Enlight Renewable Energy by 2.9% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,488,040 shares of the company’s stock worth $796,911,000 after purchasing an additional 326,995 shares during the last quarter. Altshuler Shaham Ltd lifted its position in Enlight Renewable Energy by 705.5% during the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after purchasing an additional 4,127,573 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in Enlight Renewable Energy by 68.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock valued at $66,126,000 after purchasing an additional 404,304 shares during the period. Bank of America Corp DE boosted its stake in shares of Enlight Renewable Energy by 376.4% in the 1st quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock valued at $32,511,000 after purchasing an additional 376,309 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Enlight Renewable Energy by 51.0% in the 3rd quarter. First Trust Advisors LP now owns 400,386 shares of the company’s stock valued at $27,756,000 after purchasing an additional 135,248 shares during the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its portfolio includes solar and wind power facilities, as well as energy storage projects designed to support the integration of renewable electricity into power grids. Founded in Israel in 2008, the company has expanded beyond its home market to develop projects in the United States and Europe. Its activities span multiple stages of a project’s life cycle, from identifying sites and securing permits to construction and ongoing operations.