Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down on Analyst Downgrade

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) gapped down prior to trading on Tuesday after UBS Group lowered their price target on the stock from $123.00 to $115.00. The stock had previously closed at $89.03, but opened at $82.88. UBS Group currently has a buy rating on the stock. Enlight Renewable Energy shares last traded at $82.4240, with a volume of 38,209 shares traded.

A number of other equities research analysts have also weighed in on ENLT. Deutsche Bank Aktiengesellschaft set a $65.00 price objective on Enlight Renewable Energy and gave the company a “hold” rating in a research note on Thursday, April 9th. Weiss Ratings restated a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. JPMorgan Chase & Co. increased their price target on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen raised Enlight Renewable Energy from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $61.83.

Insider Activity at Enlight Renewable Energy

In other news, Vice Chairman Yair Seroussi sold 22,505 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $90.63, for a total transaction of $2,039,628.15. Following the completion of the transaction, the insider directly owned 14,233 shares of the company’s stock, valued at approximately $1,289,936.79. This represents a 61.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ilan Goren sold 26,622 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $103.76, for a total value of $2,762,298.72. Following the sale, the insider owned 42,835 shares in the company, valued at $4,444,559.60. The trade was a 38.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 313,597 shares of company stock valued at $29,830,515.

Hedge Funds Weigh In On Enlight Renewable Energy

Several institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its position in shares of Enlight Renewable Energy by 256.1% during the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock worth $28,000 after acquiring an additional 881 shares during the last quarter. Versant Capital Management Inc bought a new stake in Enlight Renewable Energy in the 2nd quarter valued at about $34,000. State of Wyoming acquired a new position in Enlight Renewable Energy during the 1st quarter valued at about $41,000. V Square Quantitative Management LLC acquired a new position in Enlight Renewable Energy during the 4th quarter valued at about $56,000. Finally, Walleye Capital LLC bought a new position in Enlight Renewable Energy in the 1st quarter worth about $240,000. Institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Trading Down 8.0%

The firm’s 50-day simple moving average is $91.45 and its 200 day simple moving average is $73.37. The stock has a market cap of $9.71 billion, a P/E ratio of 190.40, a PEG ratio of 30.53 and a beta of 1.66. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. The company had revenue of $156.49 million for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%. As a group, equities research analysts anticipate that Enlight Renewable Energy Ltd. will post 0.29 earnings per share for the current year.

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.