Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up Following Better-Than-Expected Earnings

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $82.70, but opened at $90.37. Enlight Renewable Energy shares last traded at $89.1240, with a volume of 74,236 shares.

The company reported $0.20 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 $165.99 million during the quarter.

Analysts Set New Price Targets

Several research firms have recently commented on ENLT. UBS Group reduced their price target on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Wall Street Zen raised shares of Enlight Renewable Energy from a “sell” rating to a “hold” rating in a report on Monday, July 20th. JPMorgan Chase & Co. boosted their target price on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on shares of Enlight Renewable Energy and gave the company a “hold” rating in a report on Thursday, April 9th. Finally, Barclays lifted their price target on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Enlight Renewable Energy presently has a consensus rating of “Hold” and a consensus target price of $75.00.

Insider Activity at Enlight Renewable Energy

In other news, SVP Meron Carr sold 3,329 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $103.44, for a total value of $344,351.76. Following the completion of the sale, the senior vice president directly owned 42,465 shares of the company’s stock, valued at $4,392,579.60. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Israeli Ayelet Cohen sold 10,123 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $108.50, for a total transaction of $1,098,345.50. Following the sale, the vice president owned 20,974 shares in the company, valued at $2,275,679. The trade was a 32.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 313,597 shares of company stock worth $29,830,515 in the last 90 days.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors have recently bought and sold shares of the business. Clal Insurance Enterprises Holdings Ltd increased its stake in Enlight Renewable Energy by 18.2% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after buying an additional 1,797,936 shares in the last quarter. Y.D. More Investments Ltd lifted its position in shares of Enlight Renewable Energy by 4.5% in the fourth 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. Vanguard Group Inc. lifted its position in shares of Enlight Renewable Energy by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock valued at $225,058,000 after acquiring an additional 503,060 shares in the last quarter. Altshuler Shaham Ltd boosted its stake in shares of Enlight Renewable Energy by 705.5% in the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock worth $311,645,000 after acquiring an additional 4,127,573 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Enlight Renewable Energy by 2.8% in the third quarter. Legal & General Group Plc now owns 1,920,888 shares of the company’s stock worth $59,253,000 after acquiring an additional 53,103 shares during the period. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Price Performance

The company has a debt-to-equity ratio of 1.68, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50-day moving average of $90.25 and a 200-day moving average of $79.02. The stock has a market cap of $10.52 billion, a PE ratio of 207.14, a PEG ratio of 22.93 and a beta of 1.68.

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.