Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up on Better-Than-Expected Earnings

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $17.05, but opened at $17.87. Enlight Renewable Energy shares last traded at $17.94, with a volume of 10,088 shares trading hands.

The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%.

Wall Street Analyst Weigh In

ENLT has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Barclays increased their price objective on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, November 15th.

Institutional Trading of Enlight Renewable Energy

Several hedge funds have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Enlight Renewable Energy by 51.0% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock worth $32,000 after buying an additional 625 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Enlight Renewable Energy by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock valued at $1,751,000 after purchasing an additional 907 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Enlight Renewable Energy by 2.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company’s stock worth $690,000 after buying an additional 947 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Enlight Renewable Energy by 11.3% during the 3rd quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock worth $308,000 after buying an additional 1,852 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Enlight Renewable Energy by 0.6% in the fourth quarter. Deutsche Bank AG now owns 425,693 shares of the company’s stock valued at $7,343,000 after buying an additional 2,748 shares in the last quarter. 38.89% of the stock is owned by institutional investors and hedge funds.

Enlight Renewable Energy Stock Performance

The stock has a market cap of $1.96 billion, a P/E ratio of 40.82 and a beta of 1.51. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.53 and a quick ratio of 0.53. The stock has a 50-day simple moving average of $16.65 and a 200-day simple moving average of $16.23.

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.