Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up on Strong Earnings

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.05, but opened at $17.87. Enlight Renewable Energy shares last traded at $17.94, with a volume of 10,088 shares traded.

The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ENLT. Barclays boosted their price objective on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. raised their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd.

Hedge Funds Weigh In On Enlight Renewable Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. increased its stake in shares of Enlight Renewable Energy by 51.0% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock valued at $32,000 after acquiring an additional 625 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Enlight Renewable Energy in the 4th quarter valued at $145,000. Jane Street Group LLC bought a new stake in Enlight Renewable Energy during the 4th quarter valued at $196,000. Advisors Asset Management Inc. lifted its stake in shares of Enlight Renewable Energy by 1,181.5% in the third quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after buying an additional 13,150 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in shares of Enlight Renewable Energy by 11.3% during the 3rd quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock worth $308,000 after buying an additional 1,852 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors.

Enlight Renewable Energy Price Performance

The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $1.96 billion, a PE ratio of 40.82 and a beta of 1.51. The business has a 50 day moving average price of $16.65 and a two-hundred day moving average price of $16.23.

Enlight Renewable Energy Company Profile

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.