Enlight Renewable Energy (NASDAQ:ENLT) Shares Up 3.9% – What’s Next?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s share price traded up 3.9% during trading on Friday . The stock traded as high as $16.23 and last traded at $16.93. 6,764 shares were traded during trading, a decline of 60% from the average session volume of 17,062 shares. The stock had previously closed at $16.29.

Analysts Set New Price Targets

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

Enlight Renewable Energy Stock Performance

The stock has a fifty day moving average of $16.81 and a 200-day moving average of $16.39. The firm has a market capitalization of $1.90 billion, a P/E ratio of 45.56 and a beta of 1.38. The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.17. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. The company had revenue of $114.21 million for the quarter, compared to the consensus estimate of $289.04 million. On average, research analysts anticipate that Enlight Renewable Energy Ltd will post 0.41 EPS for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of large investors have recently modified their holdings of ENLT. Y.D. More Investments Ltd grew its stake in shares of Enlight Renewable Energy by 18.6% in the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock valued at $53,043,000 after buying an additional 482,129 shares in the last quarter. Phoenix Financial Ltd. lifted its holdings in Enlight Renewable Energy by 42.2% during the 4th quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock worth $21,634,000 after purchasing an additional 372,403 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of Enlight Renewable Energy by 4.2% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after buying an additional 353,750 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Enlight Renewable Energy in the 3rd quarter valued at about $4,901,000. Finally, Meitav Investment House Ltd. boosted its stake in shares of Enlight Renewable Energy by 4.0% in the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock valued at $101,910,000 after buying an additional 229,255 shares during the period. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

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.