Enlight Renewable Energy (NASDAQ:ENLT) Trading 5.4% Higher – Here’s Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT) rose 5.4% during mid-day trading on Monday . The stock traded as high as $17.45 and last traded at $17.51. Approximately 14,303 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 15,344 shares. The stock had previously closed at $16.61.

Analyst Upgrades and Downgrades

ENLT has been the subject of several research analyst reports. Wolfe Research cut Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price target on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Barclays boosted their target price on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Enlight Renewable Energy in a report on Thursday. They issued a “buy” rating and a $22.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Enlight Renewable Energy has a consensus rating of “Moderate Buy” and an average price target of $20.25.

Enlight Renewable Energy Trading Up 3.0 %

The stock has a market cap of $1.98 billion, a PE ratio of 47.53 and a beta of 1.38. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22. The business has a 50-day moving average of $16.85 and a 200 day moving average of $16.35.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.17. The firm had revenue of $114.21 million during the quarter, compared to analysts’ expectations of $289.04 million. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. Equities research analysts predict that Enlight Renewable Energy Ltd will post 0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Clal Insurance Enterprises Holdings Ltd grew its position in Enlight Renewable Energy by 4.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after purchasing an additional 353,750 shares during the last quarter. Meitav Investment House Ltd. boosted its holdings in shares of Enlight Renewable Energy by 4.0% during the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after purchasing an additional 229,255 shares during the period. Vanguard Group Inc. grew its stake in Enlight Renewable Energy by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 4,158,533 shares of the company’s stock valued at $71,926,000 after purchasing an additional 35,555 shares in the last quarter. Y.D. More Investments Ltd increased its stake in shares of Enlight Renewable Energy by 18.6% during the 4th quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock worth $53,043,000 after purchasing an additional 482,129 shares during the last quarter. Finally, Phoenix Financial Ltd. raised its stake in shares of Enlight Renewable Energy by 42.2% in the 4th quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock valued at $21,634,000 after acquiring an additional 372,403 shares in the last quarter. Institutional investors own 38.89% of the company’s stock.

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.