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

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $71.94, but opened at $66.10. Enlight Renewable Energy shares last traded at $65.9750, with a volume of 55,360 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ENLT shares. UBS Group raised their price objective on shares of Enlight Renewable Energy to $65.00 and gave the company a “buy” rating in a report on Friday, January 16th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $38.00 price target on shares of Enlight Renewable Energy in a research report on Wednesday, January 7th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $35.00 price target on shares of Enlight Renewable Energy in a research note on Monday, December 8th. Barclays reiterated an “overweight” rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Enlight Renewable Energy has an average rating of “Hold” and a consensus target price of $43.50.

Enlight Renewable Energy Stock Down 8.3%

The stock has a 50-day moving average price of $66.57 and a 200-day moving average price of $47.85. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.67 and a quick ratio of 0.88. The company has a market capitalization of $7.82 billion, a P/E ratio of 64.70, a P/E/G ratio of 8.88 and a beta of 1.29.

Enlight Renewable Energy (NASDAQ:ENLT) last released its earnings results on Wednesday, February 18th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $124.19 million during the quarter, compared to the consensus estimate of $146.12 million. On average, research analysts predict that Enlight Renewable Energy Ltd. will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Enlight Renewable Energy

Several large investors have recently modified their holdings of ENLT. Clal Insurance Enterprises Holdings Ltd raised its stake 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 during the last quarter. Y.D. More Investments Ltd boosted its position in Enlight Renewable Energy by 4.5% during the fourth quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company’s stock valued at $264,965,000 after acquiring an additional 252,446 shares during the last quarter. Vanguard Group Inc. grew its holdings in Enlight Renewable Energy by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock worth $225,058,000 after acquiring an additional 503,060 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Enlight Renewable Energy by 3.9% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,722,610 shares of the company’s stock worth $84,837,000 after acquiring an additional 103,430 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Enlight Renewable Energy by 2.8% in the 3rd quarter. Legal & General Group Plc now owns 1,920,888 shares of the company’s stock worth $59,253,000 after acquiring an additional 53,103 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

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.