Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Here’s What Happened

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $71.94, but opened at $66.10. Enlight Renewable Energy shares last traded at $65.9750, with a volume of 55,360 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on ENLT. Barclays restated an “overweight” rating on shares of Enlight Renewable Energy in a report on Wednesday, February 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday, December 29th. Mizuho set a $37.00 price target on shares of Enlight Renewable Energy in a report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $38.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $35.00 target price on shares of Enlight Renewable Energy in a report on Monday, December 8th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Enlight Renewable Energy has a consensus rating of “Hold” and a consensus target price of $43.50.

Enlight Renewable Energy Stock Down 7.3%

The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.88 and a current ratio of 0.67. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 65.36, a P/E/G ratio of 9.56 and a beta of 1.29. The firm’s fifty day simple moving average is $66.28 and its 200 day simple moving average is $47.46.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Wednesday, February 18th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.17. Enlight Renewable Energy had a net margin of 22.69% and a return on equity of 7.35%. The company had revenue of $124.19 million during the quarter, compared to analysts’ expectations of $146.12 million. On average, sell-side analysts forecast that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in shares of Enlight Renewable Energy by 256.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after purchasing an additional 881 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Enlight Renewable Energy during the fourth quarter worth about $56,000. Savant Capital LLC bought a new position in shares of Enlight Renewable Energy during the fourth quarter worth about $241,000. Jane Street Group LLC grew its holdings in shares of Enlight Renewable Energy by 6.0% during the second quarter. Jane Street Group LLC now owns 11,366 shares of the company’s stock worth $258,000 after buying an additional 641 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in Enlight Renewable Energy in the 4th quarter valued at approximately $277,000. Institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.