Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Here’s Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.84, but opened at $16.29. Enlight Renewable Energy shares last traded at $16.76, with a volume of 1,373 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Roth Mkm reiterated a “buy” rating and set a $20.00 price objective on shares of Enlight Renewable Energy in a research note on Wednesday, August 14th. Barclays boosted their price target on Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th.

Enlight Renewable Energy Stock Down 3.8 %

The business has a fifty day moving average of $15.96 and a two-hundred day moving average of $16.23. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 38.27 and a beta of 1.71. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The business had revenue of $109.50 million during the quarter, compared to the consensus estimate of $83.09 million. During the same quarter last year, the firm earned $0.13 EPS. The business’s revenue was up 87.8% compared to the same quarter last year. As a group, equities analysts anticipate that Enlight Renewable Energy Ltd will post 0.15 EPS for the current fiscal year.

Institutional Trading of Enlight Renewable Energy

Several hedge funds have recently modified their holdings of ENLT. Clal Insurance Enterprises Holdings Ltd increased its stake in 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 valued at $147,885,000 after purchasing an additional 353,750 shares during the last quarter. Vanguard Group Inc. lifted its position in Enlight Renewable Energy by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 4,001,391 shares of the company’s stock worth $67,704,000 after acquiring an additional 29,249 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Enlight Renewable Energy by 3.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,619,180 shares of the company’s stock valued at $42,326,000 after purchasing an additional 76,873 shares during the last quarter. Y.D. More Investments Ltd grew its stake in shares of Enlight Renewable Energy by 94,919.7% in the 2nd quarter. Y.D. More Investments Ltd now owns 1,957,405 shares of the company’s stock valued at $31,166,000 after purchasing an additional 1,955,345 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Enlight Renewable Energy by 0.9% in the third quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock valued at $1,751,000 after purchasing an additional 907 shares during the period. 38.89% of the stock is currently owned by institutional investors and hedge funds.

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.