Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Up 6% Following Earnings Beat

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price rose 6% on Tuesday following a stronger than expected earnings report. The stock traded as high as $17.21 and last traded at $17.23. Approximately 10,499 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 14,900 shares. The stock had previously closed at $16.26.

The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.24. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%.

Analyst Ratings Changes

Several research firms recently commented on ENLT. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Enlight Renewable Energy in a research report on Thursday, March 6th. They issued a “buy” rating and a $22.00 price target for the company. JPMorgan Chase & Co. upped their target price on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Wolfe Research lowered Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Enlight Renewable Energy currently has an average rating of “Moderate Buy” and a consensus price target of $20.25.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its position in Enlight Renewable Energy by 1.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 350,203 shares of the company’s stock worth $5,582,000 after buying an additional 6,381 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Enlight Renewable Energy by 2.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company’s stock worth $690,000 after purchasing an additional 947 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Enlight Renewable Energy by 9.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 336,224 shares of the company’s stock valued at $5,798,000 after purchasing an additional 28,792 shares during the period. USS Investment Management Ltd purchased a new stake in Enlight Renewable Energy in the 4th quarter valued at approximately $985,000. Finally, Deutsche Bank AG increased its position in Enlight Renewable Energy by 0.6% during the 4th quarter. Deutsche Bank AG now owns 425,693 shares of the company’s stock worth $7,343,000 after purchasing an additional 2,748 shares during the period. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

Enlight Renewable Energy Trading Up 6.0 %

The company has a current ratio of 1.22, a quick ratio of 0.53 and a debt-to-equity ratio of 1.98. The business has a 50 day moving average price of $16.10 and a 200-day moving average price of $16.35. The firm has a market capitalization of $1.99 billion, a PE ratio of 47.86 and a beta of 1.24.

Enlight Renewable Energy Company Profile

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.