Enlight Renewable Energy (NASDAQ:ENLT) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Enlight Renewable Energy Ltd. (NASDAQ:ENLT) saw an uptick in trading volume on Monday . 199,842 shares traded hands during trading, an increase of 10% from the previous session’s volume of 181,423 shares.The stock last traded at $84.8250 and had previously closed at $86.44.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ENLT shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on shares of Enlight Renewable Energy and gave the stock a “hold” rating in a report on Thursday, April 9th. JPMorgan Chase & Co. raised their target price on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Enlight Renewable Energy from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Finally, UBS Group upped their price target on shares of Enlight Renewable Energy from $105.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Three investment 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. According to data from MarketBeat.com, Enlight Renewable Energy currently has a consensus rating of “Hold” and an average target price of $63.17.

Enlight Renewable Energy Stock Performance

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 50 day moving average price of $91.01 and a two-hundred day moving average price of $71.38. The stock has a market cap of $10.19 billion, a P/E ratio of 199.80, a price-to-earnings-growth ratio of 31.32 and a beta of 1.56.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 EPS for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.The company had revenue of $156.49 million for the quarter. On average, sell-side analysts forecast that Enlight Renewable Energy Ltd. will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Enlight Renewable Energy

In related news, Chairman Gilad Yavetz sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $91.78, for a total transaction of $9,178,000.00. Following the completion of the transaction, the chairman owned 846,436 shares in the company, valued at approximately $77,685,896.08. This represents a 10.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ilan Goren sold 26,622 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the transaction, the insider owned 42,835 shares of the company’s stock, valued at approximately $4,444,559.60. This represents a 38.33% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 313,597 shares of company stock valued at $29,830,515.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ENLT. State of Wyoming bought a new stake in shares of Enlight Renewable Energy in the first quarter worth about $41,000. BNP Paribas Financial Markets grew its holdings in Enlight Renewable Energy by 256.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after buying an additional 881 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Enlight Renewable Energy during the 4th quarter valued at approximately $56,000. Walleye Capital LLC bought a new stake in Enlight Renewable Energy in the 1st quarter worth approximately $240,000. Finally, Savant Capital LLC purchased a new stake in shares of Enlight Renewable Energy during the 4th quarter worth approximately $241,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

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.