Enlight Renewable Energy (NASDAQ:ENLT) Trading Up 5.4% – Here’s What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shot up 5.4% during trading on Monday . The company traded as high as $17.45 and last traded at $17.51. 14,303 shares were traded during mid-day trading, a decline of 7% from the average session volume of 15,344 shares. The stock had previously closed at $16.61.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective 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. Deutsche Bank Aktiengesellschaft began 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. Barclays lifted their price target on Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Wolfe Research lowered Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.25.

Enlight Renewable Energy Price Performance

The company has a market capitalization of $1.93 billion, a P/E ratio of 46.36 and a beta of 1.38. The firm’s 50-day moving average is $16.84 and its 200-day moving average is $16.37. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53.

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

Hedge Funds Weigh In On Enlight Renewable Energy

Large investors have recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. grew its position in shares of Enlight Renewable Energy by 51.0% during the 4th 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. Russell Investments Group Ltd. purchased a new position in Enlight Renewable Energy during the 4th quarter worth approximately $145,000. Jane Street Group LLC acquired a new stake in Enlight Renewable Energy during the 4th quarter valued at approximately $196,000. Advisors Asset Management Inc. increased its stake in shares of Enlight Renewable Energy by 1,181.5% in the third quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after acquiring an additional 13,150 shares during the period. Finally, Tidal Investments LLC raised its holdings in shares of Enlight Renewable Energy by 11.3% during the third quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock worth $308,000 after purchasing an additional 1,852 shares during the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

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.