Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Time to Sell?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $16.90, but opened at $16.30. Enlight Renewable Energy shares last traded at $17.20, with a volume of 655 shares.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ENLT. JPMorgan Chase & Co. boosted their price objective on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Barclays boosted their price target 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 P/E ratio of 38.98 and a beta of 1.51. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.53 and a quick ratio of 0.53. The company’s 50-day moving average is $16.63 and its two-hundred day moving average is $16.19.

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

Institutional Investors Weigh In On Enlight Renewable Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of Enlight Renewable Energy by 1,181.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after buying an additional 13,150 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of Enlight Renewable Energy by 4.2% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after acquiring an additional 353,750 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Enlight Renewable Energy in the 3rd quarter valued at approximately $655,000. Barclays PLC grew its holdings in shares of Enlight Renewable Energy by 4,278.2% during the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after purchasing an additional 24,942 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Enlight Renewable Energy by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock worth $1,751,000 after purchasing an additional 907 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors.

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.