Enlight Renewable Energy (NASDAQ:ENLT) Shares Down 8% – Should You Sell?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price dropped 8% on Wednesday. The stock traded as low as $66.66 and last traded at $67.4650. 146,257 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 187,952 shares. The stock had previously closed at $73.30.

Analyst Ratings Changes

Several research firms have recently weighed in on ENLT. JPMorgan Chase & Co. decreased their price objective on Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating for the company in a report on Monday, October 19th. UBS Group lowered their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Zacks Research raised shares of Enlight Renewable Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Wall Street Zen lowered shares of Enlight Renewable Energy from a “hold” rating to a “sell” rating in a report on Sunday, October 25th. Finally, Mizuho decreased their price objective on shares of Enlight Renewable Energy from $45.00 to $41.00 and set an “underperform” rating for the company in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $74.86.

Enlight Renewable Energy Stock Down 3.7%

The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $7.86 billion, a P/E ratio of 106.95, a PEG ratio of 22.38 and a beta of 1.70. The business’s fifty day moving average price is $72.29 and its two-hundred day moving average price is $77.50.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Tuesday, June 30th. The company reported $0.20 EPS for the quarter. The firm had revenue of $165.99 million for the quarter. Enlight Renewable Energy had a net margin of 12.35% and a return on equity of 3.52%. Equities analysts expect that Enlight Renewable Energy Ltd. will post 0.39 earnings per share for the current fiscal year.

Insider Activity

In other Enlight Renewable Energy news, CFO Nir Yehuda sold 1,276 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $66.40, for a total value of $84,726.40. Following the completion of the sale, the chief financial officer owned 34,324 shares in the company, valued at approximately $2,279,113.60. The trade was a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Amit Paz sold 2,221 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $73.94, for a total transaction of $164,220.74. Following the transaction, the insider owned 277,462 shares in the company, valued at $20,515,540.28. This represents a 0.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 10,526 shares of company stock worth $755,406 in the last quarter.

Institutional Trading of Enlight Renewable Energy

Several large investors have recently made changes to their positions in ENLT. Altshuler Shaham Ltd boosted its holdings in Enlight Renewable Energy by 705.5% in 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 last quarter. Clal Insurance Enterprises Holdings Ltd raised its holdings in Enlight Renewable Energy by 18.2% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock valued at $774,113,000 after acquiring an additional 1,797,936 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Enlight Renewable Energy by 68.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock worth $66,126,000 after buying an additional 404,304 shares during the period. Bank of America Corp DE increased its position in shares of Enlight Renewable Energy by 376.4% during the first quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock worth $32,511,000 after acquiring an additional 376,309 shares during the last quarter. Finally, Navellier & Associates Inc. bought a new position in Enlight Renewable Energy in the second quarter worth about $3,475,000. 38.89% of the stock is owned by hedge funds and other institutional investors.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. (NASDAQ: ENLT) is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its activities include utility-scale solar photovoltaic, wind power and energy storage projects.

The company manages projects across multiple stages of the renewable energy lifecycle, from development and permitting through construction and long-term operation. Its portfolio and development activities span Israel, the United States and selected European markets.

Founded in 1988, Enlight is headquartered in Israel and is also listed on the Tel Aviv Stock Exchange.