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

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $96.44, but opened at $91.43. Enlight Renewable Energy shares last traded at $89.7840, with a volume of 72,869 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wall Street Zen upgraded Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. UBS Group boosted their target price on Enlight Renewable Energy from $105.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft set a $65.00 target price on Enlight Renewable Energy and gave the company a “hold” rating in a research note on Thursday, April 9th. Weiss Ratings restated a “hold (c)” rating on shares of Enlight Renewable Energy in a research note on Friday, March 27th. Finally, JPMorgan Chase & Co. boosted their target price on Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $63.17.

Enlight Renewable Energy Stock Performance

The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market capitalization of $9.55 billion, a P/E ratio of 187.28, a price-to-earnings-growth ratio of 31.84 and a beta of 1.56. The business has a 50 day moving average of $89.21 and a 200-day moving average of $69.05.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.16 earnings per share (EPS) for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.The company had revenue of $156.49 million for the quarter. On average, sell-side analysts predict that Enlight Renewable Energy Ltd. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Enlight Renewable Energy

In related news, insider Ilan Goren sold 26,622 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the completion of the transaction, the insider directly owned 42,835 shares in the company, valued at $4,444,559.60. The trade was a 38.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Gilad Yavetz sold 100,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $91.78, for a total value of $9,178,000.00. Following the completion of the transaction, the chairman owned 846,436 shares of the company’s stock, valued at $77,685,896.08. The trade was a 10.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 313,597 shares of company stock valued at $29,830,515 over the last 90 days.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Enlight Renewable Energy by 18.2% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after purchasing an additional 1,797,936 shares in the last quarter. Y.D. More Investments Ltd lifted its holdings in Enlight Renewable Energy by 4.5% in the 4th quarter. Y.D. More Investments Ltd now owns 5,837,263 shares of the company’s stock worth $264,965,000 after buying an additional 252,446 shares during the period. Vanguard Group Inc. lifted its holdings in Enlight Renewable Energy by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 4,950,674 shares of the company’s stock worth $225,058,000 after buying an additional 503,060 shares during the period. Altshuler Shaham Ltd lifted its holdings in Enlight Renewable Energy by 705.5% in the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock worth $311,645,000 after buying an additional 4,127,573 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Enlight Renewable Energy by 2.8% in the 3rd quarter. Legal & General Group Plc now owns 1,920,888 shares of the company’s stock worth $59,253,000 after buying an additional 53,103 shares during the period. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.