Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Should You Sell?

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares gapped down before the market opened on Thursday . The stock had previously closed at $17.10, but opened at $16.68. Enlight Renewable Energy shares last traded at $16.67, with a volume of 4,816 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Barclays lifted their target price on Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, November 15th.

Enlight Renewable Energy Price Performance

The firm has a market cap of $1.98 billion, a PE ratio of 38.86 and a beta of 1.53. The firm has a fifty day simple moving average of $16.51 and a two-hundred day simple moving average of $16.14. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.53 and a current ratio of 0.53.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.09. The business had revenue of $109.50 million during the quarter, compared to analysts’ expectations of $83.09 million. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%. The firm’s revenue for the quarter was up 87.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 EPS. Equities analysts predict that Enlight Renewable Energy Ltd will post 0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Enlight Renewable Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its holdings in shares of Enlight Renewable Energy by 4,278.2% in the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock worth $432,000 after purchasing an additional 24,942 shares during the period. Public Employees Retirement System of Ohio bought a new position in Enlight Renewable Energy in the 3rd quarter valued at $655,000. Clal Insurance Enterprises Holdings Ltd grew its position in Enlight Renewable Energy by 4.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock valued at $147,885,000 after acquiring an additional 353,750 shares during the last quarter. Geode Capital Management LLC grew its position in Enlight Renewable Energy by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock valued at $1,751,000 after acquiring an additional 907 shares during the last quarter. Finally, JPMorgan Chase & Co. bought a new position in Enlight Renewable Energy in the 3rd quarter valued at $4,901,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.