Enlight Renewable Energy (NASDAQ:ENLT) Hits New 52-Week High – Still a Buy?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $42.38 and last traded at $41.94, with a volume of 36487 shares. The stock had previously closed at $40.87.

Wall Street Analyst Weigh In

Several equities analysts have commented on ENLT shares. Mizuho raised their target price on shares of Enlight Renewable Energy from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Monday, November 17th. JPMorgan Chase & Co. lifted their target price on shares of Enlight Renewable Energy from $27.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Roth Capital increased their price objective on Enlight Renewable Energy from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Barclays upped their price target on shares of Enlight Renewable Energy from $34.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Finally, UBS Group assumed coverage on shares of Enlight Renewable Energy in a research report on Monday, November 24th. They issued a “buy” rating and a $47.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Enlight Renewable Energy currently has an average rating of “Hold” and an average target price of $36.50.

Enlight Renewable Energy Price Performance

The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 43.69 and a beta of 1.50. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.91. The stock’s 50-day moving average price is $34.82 and its 200-day moving average price is $27.95.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.09. The business had revenue of $165.06 million during the quarter, compared to the consensus estimate of $146.04 million. Enlight Renewable Energy had a net margin of 22.60% and a return on equity of 7.41%. Equities research analysts anticipate that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Y.D. More Investments Ltd grew its holdings in Enlight Renewable Energy by 18.0% during the first quarter. Y.D. More Investments Ltd now owns 3,621,516 shares of the company’s stock worth $57,870,000 after buying an additional 553,337 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Enlight Renewable Energy by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 4,227,862 shares of the company’s stock worth $68,107,000 after acquiring an additional 69,329 shares during the last quarter. Meitav Investment House Ltd. raised its stake in shares of Enlight Renewable Energy by 0.3% during the second quarter. Meitav Investment House Ltd. now owns 5,668,798 shares of the company’s stock worth $128,607,000 after acquiring an additional 19,582 shares in the last quarter. Deutsche Bank AG grew its position in Enlight Renewable Energy by 13.6% during the 1st quarter. Deutsche Bank AG now owns 483,774 shares of the company’s stock worth $7,818,000 after acquiring an additional 58,081 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Enlight Renewable Energy during the first quarter worth about $1,597,000. 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.