JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Enlight Renewable Energy (NASDAQ:ENLT) Stock

Enlight Renewable Energy (NASDAQ:ENLT) had its price objective upped by JPMorgan Chase & Co. from $17.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 8.50% from the stock’s current price.

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

Enlight Renewable Energy Price Performance

Enlight Renewable Energy stock traded up $0.13 during mid-day trading on Thursday, reaching $16.59. The company had a trading volume of 3,854 shares, compared to its average volume of 20,632. Enlight Renewable Energy has a fifty-two week low of $14.09 and a fifty-two week high of $18.48. The company has a market cap of $1.92 billion, a P/E ratio of 37.71 and a beta of 1.53. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64. The business has a fifty day simple moving average of $16.61 and a 200 day simple moving average of $16.19.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. The company had revenue of $109.50 million for the quarter, compared to analyst estimates of $83.09 million. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. Enlight Renewable Energy’s revenue was up 87.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 earnings per share. On average, equities research analysts predict that Enlight Renewable Energy will post 0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. lifted its position in Enlight Renewable Energy by 1,181.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after acquiring an additional 13,150 shares in the last quarter. Susquehanna International Group Ltd. purchased a new stake in Enlight Renewable Energy in the 2nd quarter valued at $253,000. Tidal Investments LLC increased its stake in Enlight Renewable Energy by 11.3% in the 3rd quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock valued at $308,000 after buying an additional 1,852 shares during the last quarter. Barclays PLC raised its stake in shares of Enlight Renewable Energy by 4,278.2% in the third quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after buying an additional 24,942 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Enlight Renewable Energy during the 3rd quarter valued at $655,000. 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.