Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Time to Sell?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $17.69, but opened at $17.00. Enlight Renewable Energy shares last traded at $17.01, with a volume of 810 shares changing hands.

Analyst Ratings Changes

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

Enlight Renewable Energy Stock Performance

The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 47.44 and a beta of 1.38. The business has a 50-day moving average price of $16.83 and a 200-day moving average price of $16.39.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly 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. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. The company had revenue of $114.21 million during the quarter, compared to analysts’ expectations of $289.04 million. As a group, sell-side analysts forecast that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Clal Insurance Enterprises Holdings Ltd grew 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 valued at $147,885,000 after buying an additional 353,750 shares during the last quarter. Meitav Investment House Ltd. lifted its holdings in shares of Enlight Renewable Energy by 4.0% during the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after purchasing an additional 229,255 shares during the period. Vanguard Group Inc. boosted its position in Enlight Renewable Energy by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 4,158,533 shares of the company’s stock valued at $71,926,000 after buying an additional 35,555 shares during the last quarter. Y.D. More Investments Ltd raised its position in Enlight Renewable Energy by 18.6% during the 4th quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock worth $53,043,000 after buying an additional 482,129 shares during the last quarter. Finally, Phoenix Financial Ltd. lifted its stake 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 valued at $21,634,000 after acquiring an additional 372,403 shares during the period. Institutional investors and hedge funds own 38.89% of the company’s stock.

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.