Enlight Renewable Energy (NASDAQ:ENLT) Sees Unusually-High Trading Volume After Analyst Upgrade

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares saw an uptick in trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $17.00 to $18.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. 73,699 shares traded hands during trading, an increase of 328% from the previous session’s volume of 17,220 shares.The stock last traded at $16.36 and had previously closed at $16.46.

Separately, Barclays upped their price objective on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, November 15th.

Institutional Investors Weigh In On Enlight Renewable Energy

Hedge funds have recently made changes to their positions in the stock. Clal Insurance Enterprises Holdings Ltd raised its position in Enlight Renewable Energy by 4.2% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after purchasing an additional 353,750 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Enlight Renewable Energy in the third quarter valued at approximately $4,901,000. Public Employees Retirement System of Ohio bought a new position in Enlight Renewable Energy in the third quarter valued at approximately $655,000. Barclays PLC boosted its stake in Enlight Renewable Energy by 4,278.2% in the third quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after acquiring an additional 24,942 shares during the last quarter. Finally, Susquehanna International Group Ltd. bought a new position in shares of Enlight Renewable Energy during the second quarter worth $253,000. Institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Trading Up 1.0 %

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 business’s 50-day moving average price is $16.61 and its two-hundred day moving average price is $16.19. The company has a market capitalization of $1.89 billion, a P/E ratio of 37.25 and a beta of 1.53.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.09. The firm had revenue of $109.50 million for the quarter, compared to analyst estimates of $83.09 million. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The company’s revenue was up 87.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. As a group, analysts forecast that Enlight Renewable Energy Ltd will post 0.07 EPS for the current fiscal year.

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.