Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – What’s Next?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) gapped up prior to trading on Monday . The stock had previously closed at $67.24, but opened at $71.68. Enlight Renewable Energy shares last traded at $73.37, with a volume of 50,236 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on ENLT. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $35.00 price target on shares of Enlight Renewable Energy in a research note on Monday, December 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday, December 29th. Barclays reissued an “overweight” rating on shares of Enlight Renewable Energy in a research report on Wednesday, February 18th. Mizuho set a $37.00 price objective on shares of Enlight Renewable Energy in a report on Monday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $38.00 target price on shares of Enlight Renewable Energy in a research note on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enlight Renewable Energy currently has an average rating of “Hold” and an average target price of $43.50.

Enlight Renewable Energy Stock Up 9.1%

The firm’s 50-day simple moving average is $56.52 and its 200-day simple moving average is $41.57. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.88 and a current ratio of 0.67. The company has a market capitalization of $8.48 billion, a price-to-earnings ratio of 71.95, a price-to-earnings-growth ratio of 9.05 and a beta of 1.42.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in Enlight Renewable Energy by 19.0% during the 4th quarter. Invesco Ltd. now owns 1,468,914 shares of the company’s stock worth $66,777,000 after acquiring an additional 234,306 shares during the last quarter. Mackenzie Financial Corp acquired a new position in Enlight Renewable Energy during the fourth quarter worth $277,000. Quadrature Capital Ltd bought a new position in shares of Enlight Renewable Energy in the fourth quarter valued at $355,000. OLD Mission Capital LLC acquired a new stake in shares of Enlight Renewable Energy in the 4th quarter worth about $363,000. Finally, Altshuler Shaham Ltd increased its holdings in Enlight Renewable Energy by 41.9% during the 4th quarter. Altshuler Shaham Ltd now owns 585,068 shares of the company’s stock worth $26,557,000 after purchasing an additional 172,718 shares in the last quarter. 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.