Enlight Renewable Energy (NASDAQ:ENLT) Reaches New 52-Week High – Time to Buy?

Shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $94.46 and last traded at $94.91, with a volume of 69888 shares trading hands. The stock had previously closed at $90.51.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Barclays reiterated an “overweight” rating on shares of Enlight Renewable Energy in a research note on Wednesday, February 18th. UBS Group lifted their price target on shares of Enlight Renewable Energy from $93.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Mizuho set a $37.00 price target on shares of Enlight Renewable Energy in a research note on Monday, February 23rd. Finally, JPMorgan Chase & Co. lifted their price target 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 equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.17.

Enlight Renewable Energy Stock Up 3.6%

The company has a market capitalization of $11.12 billion, a price-to-earnings ratio of 218.07, a price-to-earnings-growth ratio of 26.35 and a beta of 1.51. The firm’s 50 day moving average price is $76.36 and its two-hundred day moving average price is $57.22. The company has a current ratio of 0.77, a quick 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 company had revenue of $156.49 million for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. Sell-side analysts anticipate that Enlight Renewable Energy Ltd. will post 0.37 earnings per share for the current fiscal year.

Insider Activity

In other news, Vice Chairman Yair Seroussi sold 22,505 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $90.63, for a total transaction of $2,039,628.15. Following the transaction, the insider directly owned 14,233 shares in the company, valued at $1,289,936.79. The trade was a 61.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Lisa Haimovitz sold 737 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $92.75, for a total transaction of $68,356.75. Following the completion of the transaction, the vice president owned 13,026 shares in the company, valued at approximately $1,208,161.50. This trade represents a 5.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,275 shares of company stock worth $2,378,043 over the last 90 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets grew its stake in 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 buying an additional 881 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Enlight Renewable Energy in the 4th quarter valued at about $56,000. Savant Capital LLC acquired a new position in Enlight Renewable Energy in the 4th quarter valued at about $241,000. Mackenzie Financial Corp acquired a new position in Enlight Renewable Energy in the 4th quarter valued at about $277,000. Finally, AQR Capital Management LLC acquired a new position in Enlight Renewable Energy in the 4th quarter valued at about $283,000. Institutional investors and hedge funds 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.