Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Still a Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares gapped up prior to trading on Tuesday . The stock had previously closed at $82.58, but opened at $86.34. Enlight Renewable Energy shares last traded at $84.8750, with a volume of 67,010 shares trading hands.

Analysts Set New Price Targets

Several research firms have issued reports on ENLT. Barclays restated an “overweight” rating on shares of Enlight Renewable Energy in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on shares of Enlight Renewable Energy and gave the company a “hold” rating in a research note on Thursday, April 9th. UBS Group upped their price objective on shares of Enlight Renewable Energy from $93.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their price objective on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research note on Wednesday, May 6th. Finally, Mizuho set a $37.00 price objective on Enlight Renewable Energy in a report on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.17.

Enlight Renewable Energy Trading Up 4.1%

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.68. The business has a fifty day simple moving average of $78.84 and a 200 day simple moving average of $59.96. The company has a market cap of $10.20 billion, a price-to-earnings ratio of 200.00, a P/E/G ratio of 25.00 and a beta of 1.51.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share (EPS) for the quarter. The company had revenue of $156.49 million during the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. On average, equities analysts anticipate that Enlight Renewable Energy Ltd. will post 0.37 EPS for the current fiscal year.

Insider Buying and Selling at Enlight Renewable Energy

In other news, VP Lisa Haimovitz sold 3,883 shares of Enlight Renewable Energy stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $92.67, for a total transaction of $359,837.61. Following the completion of the transaction, the vice president owned 13,026 shares of the company’s stock, valued at $1,207,119.42. The trade was a 22.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Yair Seroussi sold 22,505 shares of Enlight Renewable Energy stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $90.63, for a total value of $2,039,628.15. Following the transaction, the insider owned 14,233 shares of the company’s stock, valued at $1,289,936.79. This represents a 61.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 144,460 shares of company stock worth $13,242,553.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its stake in Enlight Renewable Energy by 0.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 48,095 shares of the company’s stock valued at $3,185,000 after purchasing an additional 127 shares during the last quarter. Quantinno Capital Management LP lifted its stake in shares of Enlight Renewable Energy by 2.7% during the 1st quarter. Quantinno Capital Management LP now owns 6,506 shares of the company’s stock worth $435,000 after purchasing an additional 170 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Enlight Renewable Energy by 0.9% during the 4th quarter. Advisors Asset Management Inc. now owns 26,865 shares of the company’s stock worth $1,221,000 after purchasing an additional 251 shares during the period. Mariner LLC lifted its stake in shares of Enlight Renewable Energy by 4.1% during the 3rd quarter. Mariner LLC now owns 10,070 shares of the company’s stock worth $314,000 after purchasing an additional 396 shares during the period. Finally, State of Wyoming purchased a new position in shares of Enlight Renewable Energy during the 1st quarter worth $41,000. Institutional investors and hedge funds own 38.89% of the company’s stock.

About Enlight Renewable Energy

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.