Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Here’s Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares gapped down before the market opened on Friday . The stock had previously closed at $16.90, but opened at $16.30. Enlight Renewable Energy shares last traded at $17.20, with a volume of 655 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Barclays raised their target price on Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th.

Enlight Renewable Energy Stock Up 1.5 %

The stock’s 50-day moving average price is $16.63 and its 200-day moving average price is $16.19. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 38.98 and a beta of 1.51.

Enlight Renewable Energy (NASDAQ:ENLT) last released its earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.09. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The business had revenue of $109.50 million for the quarter, compared to analyst estimates of $83.09 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. Enlight Renewable Energy’s revenue for the quarter was up 87.8% on a year-over-year basis. On average, sell-side analysts expect that Enlight Renewable Energy Ltd will post 0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. lifted its stake in Enlight Renewable Energy by 51.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock valued at $32,000 after buying an additional 625 shares during the period. Geode Capital Management LLC increased its position in shares of Enlight Renewable Energy by 0.9% during the third quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock worth $1,751,000 after acquiring an additional 907 shares in the last quarter. Tidal Investments LLC lifted its position in Enlight Renewable Energy by 11.3% in the 3rd quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock valued at $308,000 after acquiring an additional 1,852 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Enlight Renewable Energy during the 4th quarter valued at about $145,000. Finally, Advisors Asset Management Inc. increased its holdings in Enlight Renewable Energy by 1,181.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after purchasing an additional 13,150 shares in the last quarter. 38.89% of the stock is owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.