Enlight Renewable Energy (NASDAQ:ENLT) Hits New 52-Week High on Earnings Beat

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s stock price hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $75.73 and last traded at $75.27, with a volume of 325315 shares trading hands. The stock had previously closed at $64.86.

The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $124.19 million for the quarter, compared to analyst estimates of $146.12 million.

Analyst Upgrades and Downgrades

ENLT has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $38.00 target price on shares of Enlight Renewable Energy in a research note on Wednesday, January 7th. Barclays reaffirmed an “overweight” rating on shares of Enlight Renewable Energy in a report on Wednesday. UBS Group boosted their price objective on shares of Enlight Renewable Energy to $65.00 and gave the stock a “buy” rating in a report on Friday, January 16th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $35.00 price target on shares of Enlight Renewable Energy in a research note on Monday, December 8th. Finally, Roth Mkm raised their price objective on Enlight Renewable Energy from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $41.83.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in shares of Enlight Renewable Energy by 256.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock worth $28,000 after purchasing an additional 881 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Enlight Renewable Energy in the 4th quarter worth approximately $56,000. Savant Capital LLC bought a new stake in Enlight Renewable Energy during the fourth quarter worth approximately $241,000. Mackenzie Financial Corp acquired a new position in Enlight Renewable Energy during the fourth quarter valued at approximately $277,000. Finally, AQR Capital Management LLC bought a new position in shares of Enlight Renewable Energy in the fourth quarter valued at approximately $283,000. 38.89% of the stock is owned by institutional investors and hedge funds.

Enlight Renewable Energy Stock Up 1.8%

The firm has a 50-day moving average of $53.57 and a two-hundred day moving average of $39.74. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.88 and a current ratio of 0.67.

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.