Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Target Cut by Truist Financial

Enlight Renewable Energy (NASDAQ:ENLT) had its price target reduced by investment analysts at Truist Financial from $104.00 to $102.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial‘s target price points to a potential upside of 54.29% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Weiss Ratings cut shares of Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 18th. JPMorgan Chase & Co. decreased their price target on shares of Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating on the stock in a research report on Monday, October 19th. Barclays boosted their price objective on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Mizuho cut their price objective on shares of Enlight Renewable Energy from $45.00 to $41.00 and set an “underperform” rating for the company in a research report on Tuesday, October 13th. Finally, Wall Street Zen lowered shares of Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Sunday, October 25th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $79.50.

Enlight Renewable Energy Stock Down 2.6%

Shares of ENLT stock opened at $66.11 on Friday. Enlight Renewable Energy has a 12 month low of $34.55 and a 12 month high of $108.65. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 2.25. The firm has a market cap of $7.84 billion, a PE ratio of 100.17, a price-to-earnings-growth ratio of 15.33 and a beta of 1.72. The stock has a 50 day moving average of $70.08 and a 200-day moving average of $78.22.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $186.71 million for the quarter, compared to the consensus estimate of $581.13 million. Enlight Renewable Energy had a net margin of 12.25% and a return on equity of 3.59%. On average, equities analysts predict that Enlight Renewable Energy will post 0.49 EPS for the current year.

Insider Activity at Enlight Renewable Energy

In related news, insider Amit Paz sold 2,221 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $73.94, for a total value of $164,220.74. Following the completion of the transaction, the insider owned 277,462 shares of the company’s stock, valued at $20,515,540.28. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ilan Goren sold 2,700 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $64.81, for a total transaction of $174,987.00. Following the transaction, the insider owned 40,135 shares of the company’s stock, valued at approximately $2,601,149.35. This represents a 6.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 10,526 shares of company stock valued at $755,406 over the last quarter.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds have recently modified their holdings of ENLT. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Enlight Renewable Energy by 18.2% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after buying an additional 1,797,936 shares during the period. Altshuler Shaham Ltd grew its position in Enlight Renewable Energy by 705.5% in the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after acquiring an additional 4,127,573 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Enlight Renewable Energy by 68.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock valued at $66,126,000 after acquiring an additional 404,304 shares during the period. Bank of America Corp DE raised its stake in Enlight Renewable Energy by 376.4% during the first quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock worth $32,511,000 after acquiring an additional 376,309 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Enlight Renewable Energy by 51.0% during the third quarter. First Trust Advisors LP now owns 400,386 shares of the company’s stock worth $27,756,000 after acquiring an additional 135,248 shares in the last quarter. 38.89% of the stock is owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its portfolio includes solar and wind power facilities, as well as energy storage projects designed to support the integration of renewable electricity into power grids. Founded in Israel in 2008, the company has expanded beyond its home market to develop projects in the United States and Europe. Its activities span multiple stages of a project’s life cycle, from identifying sites and securing permits to construction and ongoing operations.