JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Enlight Renewable Energy (NASDAQ:ENLT) Stock

Enlight Renewable Energy (NASDAQ:ENLT) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $24.00 to $27.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 7.44% from the company’s previous close.

A number of other research firms also recently commented on ENLT. Barclays boosted their price target on Enlight Renewable Energy from $21.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Wall Street Zen downgraded Enlight Renewable Energy from a “hold” rating to a “strong sell” rating in a research note on Sunday, August 10th. Mizuho set a $21.00 price objective on Enlight Renewable Energy and gave the company an “underperform” rating in a research note on Monday, July 14th. Finally, Roth Capital reiterated a “buy” rating and issued a $28.00 target price on shares of Enlight Renewable Energy in a report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.80.

Enlight Renewable Energy Stock Performance

Shares of Enlight Renewable Energy stock opened at $29.17 on Friday. The firm has a 50-day moving average of $26.52 and a 200-day moving average of $21.23. Enlight Renewable Energy has a 52-week low of $14.01 and a 52-week high of $29.84. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.70 and a quick ratio of 0.70.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its earnings results on Wednesday, August 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.05). The business had revenue of $36.37 million during the quarter, compared to the consensus estimate of $424.05 million. Enlight Renewable Energy had a net margin of 23.58% and a return on equity of 7.48%. As a group, equities analysts forecast that Enlight Renewable Energy will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc increased its position in Enlight Renewable Energy by 259.0% during the second quarter. Legal & General Group Plc now owns 1,867,785 shares of the company’s stock valued at $42,377,000 after acquiring an additional 1,347,458 shares during the last quarter. Y.D. More Investments Ltd increased its position in Enlight Renewable Energy by 18.0% in the first quarter. Y.D. More Investments Ltd now owns 3,621,516 shares of the company’s stock worth $57,870,000 after buying an additional 553,337 shares in the last quarter. Norges Bank purchased a new stake in Enlight Renewable Energy in the second quarter worth about $3,608,000. Canada Pension Plan Investment Board increased its position in Enlight Renewable Energy by 131.6% in the first quarter. Canada Pension Plan Investment Board now owns 255,136 shares of the company’s stock worth $4,064,000 after buying an additional 144,980 shares in the last quarter. Finally, Phoenix Financial Ltd. increased its position in Enlight Renewable Energy by 10.3% in the second quarter. Phoenix Financial Ltd. now owns 1,383,986 shares of the company’s stock worth $31,685,000 after buying an additional 129,491 shares in the last quarter. 38.89% of the stock is owned by institutional investors.

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.