Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Time to Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $18.65, but opened at $19.35. Enlight Renewable Energy shares last traded at $19.16, with a volume of 19,639 shares trading hands.

Analyst Upgrades and Downgrades

ENLT has been the subject of a number of research reports. Wolfe Research downgraded shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Enlight Renewable Energy in a research note on Thursday, March 6th. They set a “buy” rating and a $22.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.25.

Enlight Renewable Energy Stock Performance

The company’s 50 day moving average price is $16.33 and its 200-day moving average price is $16.47. The company has a market cap of $2.27 billion, a PE ratio of 54.58 and a beta of 1.24. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.51 by $0.24. The company had revenue of $129.87 million during the quarter, compared to the consensus estimate of $396.61 million. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. Equities research analysts anticipate that Enlight Renewable Energy Ltd will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its holdings in Enlight Renewable Energy by 70.7% in the 1st quarter. Advisors Asset Management Inc. now owns 27,565 shares of the company’s stock worth $445,000 after buying an additional 11,414 shares during the period. Amundi boosted its holdings in Enlight Renewable Energy by 2.3% in the 1st quarter. Amundi now owns 74,681 shares of the company’s stock worth $1,160,000 after buying an additional 1,647 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Enlight Renewable Energy by 131.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 255,136 shares of the company’s stock worth $4,064,000 after buying an additional 144,980 shares during the period. Nuveen LLC bought a new position in Enlight Renewable Energy in the 1st quarter valued at $1,597,000. Finally, Invesco Ltd. boosted its holdings in Enlight Renewable Energy by 2.5% in the 1st quarter. Invesco Ltd. now owns 1,656,086 shares of the company’s stock valued at $26,762,000 after purchasing an additional 40,665 shares during the period. 38.89% of the stock is owned by institutional investors.

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.