Enlight Renewable Energy (NASDAQ:ENLT) Stock Breaks Above 50-Day Moving Average – Here’s Why

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $70.40 and traded as high as $71.39. Enlight Renewable Energy shares last traded at $70.52, with a volume of 149,059 shares traded.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ENLT. Weiss Ratings lowered Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Wall Street Zen downgraded Enlight Renewable Energy from a “hold” rating to a “sell” rating in a report on Sunday, October 25th. JPMorgan Chase & Co. dropped their price target on Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating for the company in a research note on Monday, October 19th. Barclays lifted their price target on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, Truist Financial reduced their price objective on shares of Enlight Renewable Energy from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Monday, September 28th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $74.86.

Enlight Renewable Energy Stock Performance

The company has a 50-day simple moving average of $70.40 and a two-hundred day simple moving average of $78.11. The company has a debt-to-equity ratio of 2.25, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $8.36 billion, a P/E ratio of 106.85, a PEG ratio of 15.80 and a beta of 1.72.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Tuesday, November 3rd. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Enlight Renewable Energy had a return on equity of 3.59% and a net margin of 12.25%. The firm had revenue of $186.71 million for the quarter, compared to the consensus estimate of $581.13 million. As a group, equities analysts forecast that Enlight Renewable Energy Ltd. will post 0.49 EPS for the current year.

Insider Activity at Enlight Renewable Energy

In other Enlight Renewable Energy news, insider Ilan Goren sold 2,700 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $64.81, for a total value of $174,987.00. Following the completion of the transaction, the insider owned 40,135 shares in the company, valued at approximately $2,601,149.35. This represents a 6.30% 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 this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nir Yehuda sold 1,276 shares of the firm’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $66.40, for a total value of $84,726.40. Following the transaction, the chief financial officer directly owned 34,324 shares of the company’s stock, valued at $2,279,113.60. This represents a 3.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 10,526 shares of company stock worth $755,406 over the last ninety days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its stake in shares of 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 worth $3,185,000 after acquiring an additional 127 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Enlight Renewable Energy by 2.7% during the first quarter. Quantinno Capital Management LP now owns 6,506 shares of the company’s stock worth $435,000 after acquiring an additional 170 shares in the last quarter. Orion Capital Management LLC bought a new stake in Enlight Renewable Energy during the second quarter worth about $26,000. Versant Capital Management Inc bought a new stake in Enlight Renewable Energy during the second quarter worth about $34,000. Finally, State of Wyoming purchased a new stake in Enlight Renewable Energy in the first quarter worth about $41,000. 38.89% of the stock is currently owned by institutional investors.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its portfolio includes solar and wind power facilities, as well as energy storage projects designed to support the integration of renewable electricity into power grids. Founded in Israel in 2008, the company has expanded beyond its home market to develop projects in the United States and Europe. Its activities span multiple stages of a project’s life cycle, from identifying sites and securing permits to construction and ongoing operations.