Enlight Renewable Energy (NASDAQ:ENLT) Sets New 1-Year High – Here’s Why

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares reached a new 52-week high on Monday . The company traded as high as $59.41 and last traded at $58.85, with a volume of 77574 shares trading hands. The stock had previously closed at $55.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ENLT shares. Mizuho lifted their price target on shares of Enlight Renewable Energy from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Monday, November 17th. UBS Group boosted their target price on Enlight Renewable Energy to $65.00 and gave the company a “buy” rating in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday, December 29th. Roth Mkm lifted their price objective on Enlight Renewable Energy from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $35.00 price objective on shares of Enlight Renewable Energy in a research note on Monday, December 8th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.83.

Enlight Renewable Energy Stock Down 4.5%

The stock has a fifty day simple moving average of $47.56 and a two-hundred day simple moving average of $36.49. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.91.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Wednesday, November 12th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.09. The company had revenue of $165.06 million during the quarter, compared to analyst estimates of $146.04 million. Enlight Renewable Energy had a net margin of 22.60% and a return on equity of 7.41%. Sell-side analysts expect that Enlight Renewable Energy Ltd. will post 0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Enlight Renewable Energy by 2.1% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,247,031 shares of the company’s stock worth $253,986,000 after buying an additional 173,009 shares in the last quarter. Y.D. More Investments Ltd raised its holdings in shares of Enlight Renewable Energy by 4.5% in the 4th quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company’s stock valued at $264,965,000 after acquiring an additional 252,446 shares in the last quarter. Meitav Investment House Ltd. boosted its position in shares of Enlight Renewable Energy by 0.3% during the 2nd quarter. Meitav Investment House Ltd. now owns 5,668,798 shares of the company’s stock valued at $128,607,000 after acquiring an additional 19,582 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Enlight Renewable Energy by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock worth $225,058,000 after purchasing an additional 503,060 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Enlight Renewable Energy by 3.9% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,722,610 shares of the company’s stock worth $84,837,000 after purchasing an additional 103,430 shares during the last quarter. Institutional investors 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.