Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 6.3% – Here’s What Happened

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares dropped 6.3% on Friday . The stock traded as low as $71.38 and last traded at $71.9650. Approximately 61,256 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 146,963 shares. The stock had previously closed at $76.84.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ENLT shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $38.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday, January 7th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $35.00 target price on shares of Enlight Renewable Energy in a research report on Monday, December 8th. Mizuho set a $37.00 price target on Enlight Renewable Energy in a research note on Monday, February 23rd. UBS Group increased their price target on Enlight Renewable Energy to $65.00 and gave the stock a “buy” rating in a report on Friday, January 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $43.50.

Enlight Renewable Energy Price Performance

The stock has a market capitalization of $8.47 billion, a P/E ratio of 70.07, a price-to-earnings-growth ratio of 9.61 and a beta of 1.29. The business’s 50 day simple moving average is $64.56 and its two-hundred day simple moving average is $46.36. The company has a quick ratio of 0.88, a current ratio of 0.67 and a debt-to-equity ratio of 2.03.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Tuesday, February 17th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.17. Enlight Renewable Energy had a net margin of 22.69% and a return on equity of 7.35%. The company had revenue of $124.19 million during the quarter, compared to the consensus estimate of $146.12 million. As a group, sell-side analysts forecast that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current fiscal year.

Institutional Trading of Enlight Renewable Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Y.D. More Investments Ltd lifted its holdings in shares of Enlight Renewable Energy by 50.5% in the third quarter. Y.D. More Investments Ltd now owns 5,584,817 shares of the company’s stock valued at $172,143,000 after purchasing an additional 1,875,084 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd grew its holdings in Enlight Renewable Energy by 19.9% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 9,890,141 shares of the company’s stock worth $448,589,000 after buying an additional 1,643,110 shares in the last quarter. Legal & General Group Plc raised its position in Enlight Renewable Energy by 259.0% in the 2nd quarter. Legal & General Group Plc now owns 1,867,785 shares of the company’s stock valued at $42,377,000 after buying an additional 1,347,458 shares during the last quarter. Vanguard Group Inc. raised its position in Enlight Renewable Energy by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock valued at $225,058,000 after buying an additional 503,060 shares during the last quarter. Finally, Norges Bank bought a new position in Enlight Renewable Energy during the 4th quarter valued at $17,875,000. 38.89% of the stock is owned by institutional investors.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.